FXTechstrategy Team: Forex Analysis

[FXTechstrategy Team]

GBPUSD: Remains On The Offensive.

GBPUSD: Our call for more upside offensive is underway as we look for GBP to take out the 1.5683 level and trigger further gains. This will pave the way for a run at the 1.5750 level followed by the 1.5800 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk is for GBP to reverse its corrective recovery and return to the 1.5320 level, a tough call at its current price levels. Further down, support resides at the 1.5200 level and then the 1.5100 level. On the whole, GBP continues to retain its upside offensive.

 

[FXTechstrategy Team]

USDJPY: Bearish, Extends Lower On Corrective Weakness.

USDJPY: With continued downside seeing USDJPY weakening further in early trading today, there is risk of further decline in the days ahead. We are watching its supports located at the 93.50 level and the 92.57 level. A cut through the latter could force further downside towards the 92.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, the pair requires a return above the 97.01/27 levels to halt its downside vulnerability. This if seen will call for a move towards the 98.00 level followed by the 99.27 level. Further out, resistance resides at the 100.00 level. On the whole, USDJPY remains vulnerable to the downside on correction.

 

[FXTechstrategy Team]

USDCHF: Bearish, Looks To Weaken Further.

USDCHF – With a fourth week of bearishness seeing the pair closing lower at the end of last week since tumbling off the 0.9838 level, there is risk of further downside. Further down, support lies at the 0.9130 level . As long as it holds below its support turned resistance at the 0.9225 level, USDCHF looks to weaken further. This will leave the pair targeting the 0.9064 level where a violation will aim at the 0.0921/00 levels. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9225 level, its April 17’2013 low and then the 0.9392 level. A breach will target the 0.9450 level and then the 0.9566 level followed by the 0.9838 level, its psycho level. On the whole, the pair continues to face downside pressure.

 

[FXTechstrategy Team]

EURUSD: Bull Pressure Targets The 13400/50 Levels.

EURUSD: Further bullishness saw the pair extending its gains the past week and opening the door for more upside in the new week. While holding firmly above the 1.3242 level, additional strength is expected towards the 1.3400 level and then the 1.3450 level. A cut through here will expose the 1.3500 level. Its weekly RSI is bullish and pointing higher suggesting further upside. On the downside, support comes at the 3242 level where a reversal of roles as support is likely to occur and turn it higher. But if taken out expect more downside towards the 1.3150 level followed by the 1.3050 level and then the 1.3000 level. All in all, EUR continues to retain its medium term upside bias.

 

[elisab]

Re: Technical Outlook, Strategies & Commentaries On The Major Currencies

If area 1.33 will be surpassed, then we would have a classic bullish break with target 1.3590. But I’m not sure this will happen, as all oscillators are overbought and the market is expecting a lot from the Fed on Wednesday.

 

[Rambo35]

Re: USDJPY: Bearish, Extends Lower On Corrective Weakness.

I do think this pair will bounce higher and feel comfortable with entering a long below 94.00.

 

[FXTechstrategy Team]

USDCAD: Bear Pressure Remains On The Cards.

USDCAD: With s second week of decline seeing USDCAD weakening the past week and seen reversing its Friday recovery gains, further bearishness is expected in the new week. This will leave the pair targeting further downside towards the 1.0100/81 levels. Further down, support stands at the 1.0000 level and possibly lower towards the 0.9900 level. Conversely, USDCAD will have to break and hold above the 1.0250 and 1.0379 level to reverse its bearishness. This if seen will aim at the 1.0441 level where a violation will aim at the 1.0500 level. Further out, resistance resides at the 1.550 level. All in all, USDCAD looks vulnerable to the downside

 

[FXTechstrategy Team]

EURUSD: Bullish, Targets Further Upside

EURUSD: With EUR seen trading slightly above the 1.3400 level, a convincing break and hold above that level is expected. A follow through higher above here will turn focus to the 1.3450 level with a breach setting the stage for more gains towards the 1.3500 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.3318/30 levels and then the 1.3242 level, a reversal of roles as support is likely to occur here and turn it higher. However, if broken, further decline could follow towards the 1.3200 level. Further down, support comes in at the 1.3100 level and possibly lower towards the 1.3000 level. All in all, EUR continues to retain its medium term upside bias.

 

[elisab]

Re: Technical Outlook, Strategies & Commentaries On The Major Currencies

What the BOJ should avoid is to allow EurJpy to fall below 125.

 

[FXTechstrategy Team]

USDCHF: Eyes A Return To The 0.9130 Level

USDCHF – The pair’s outlook remains lower with the possibility of returning to the 0.9130 level on the cards. As long as it holds below its support turned resistance at the 0.9205 level, USDCHF looks to weaken further. This will leave the pair targeting the 0.9064 level where a violation will aim at the 0.0921/00 levels. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9205 level, its April 17’2013 low and then the 0.9392 level. A breach will target the 0.9450 level and then the 0.9566 level. Above here will aim at the 0.9838 level, its psycho level. On the whole, the pair continues to face downside pressure.

 

[elisab]

Re: Technical Outlook, Strategies & Commentaries On The Major Currencies

What do you think of the Chinese rates increase during these days? Are financial problems coming..? Here's the Shibor to 1 week, more than 8%!

 

[FXTechstrategy Team]

GOLD: Bearish, Aims At The 1,321.00 Level

GOLD: Having sold off on Tuesday to extend it downside pressure, the risk is for more downside to occur. Despite its Wednesday price hesitation, its broader bias points to the 1,321/38 levels. A turn below here will pave the way for a run at the 1,300.00 level where a breach will set the stage for a run at the 1,270.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance comes in at the 1,400.00 level, its psycho level. Above here will aim at the 1,444.00 level followed by the 1,488.00 level. Further out, resistance is seen at the 1,500.40 level. All in all, GOLD remains vulnerable to the downside in the medium term.

 

[FXTechstrategy Team]

USDCAD: Rallies, Targets The 1.0379 Level

USDCAD: With the pair turning strongly higher above the 1.0250/61 level on Wednesday and following through in early morning trading today, further upside is likely in the days ahead. This development has paved the way for a move higher towards the 1.0379 level. A breach of here will aim at the 1.0420 level with a cut through here resuming its broader medium term uptrend towards the 1.0500 level. Its daily RSI is bullish and pointing higher suggesting further upside. Conversely, a failure of its present correction will call for a move lower towards the 1.0250/61 levels. Further down, support comes in at the 1.0136 level. Followed by the 1.0100 level with a turn below here shifting attention to the 1.0050 level. All in all, USDCAD remains biased to upside on further correction.

 

[elisab]

Re: Technical Outlook, Strategies & Commentaries On The Major Currencies

The Chinese yield curve is inverted, the real problem is not the Fed, but the Chinese interbank market that is collapsing. China Interbank Market Freezes As Overnight Repo Explodes To 25% | Zero Hedge

 

[FXTechstrategy Team]

Re: Technical Outlook, Strategies & Commentaries On The Major Currencies

EURUSD: A sell off the past week saw EUR turning below the 1.3242 level and reversing its previous week gains. This development now leaves the pair targeting the 1.3000 level and then the 1.2900 level on further downside. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to return above the 1.3242 level and the 1.3415 level to take back its last week losses. This if seen will expose the 1.3450 level with a cut through here targeting the 1.3550 level. All in all, EUR continues to retain its medium term upside bias but now faces corrective weakness

 

[FXTechstrategy Team]

Re: Technical Outlook, Strategies & Commentaries On The Major Currencies

USDCAD: With USDCAD following through higher on the back of its last week gains, it looks to strengthen further towards the 1.0600 level. A cut through here will open the door for more upside towards the 1.0650 level with a loss of here turning focus to the 1.0700 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, initial support comes in at the 1.0555 level where a violation will aim at the 1.0420 level. A reversal of roles is expected to occur here and turn it higher. But if that level is taken out, look for a move lower towards the 1.0350 level and then the 1.0250 level. All in all, USDCAD remains on the offensive as it looks to extend its bullishness

 

[FXTechstrategy Team]

GBPUSD: Recovering With Caution.

GBPUSD: GBP may have halted its weakness and looks to recover higher but it will have to retake the 1.5530/55 levels to prevent further downside risk. This if seen will open the door for more upside towards the 1.5676 level with a breach of here turning focus to the 1.5750 level. Above here must be traded to resume its medium term uptrend. Conversely, the risk to this analysis will be a return to the downside with recapture of its Thursday low at the 1.5343 level. We expect a cap to occur here and turn it higher but if taken out, further downside could follow towards the 1.5300 level. On the whole, GBP still faces bear threats despite recovery attempts.

 

[FXTechstrategy Team]

EURUSD: Reverses Gains, Looks To Decline Further.

EURUSD: With a reversal of its correction now underway further weakness is expected. This leaves a return to the 1.3000 level on the cards. However, its correction off the 1.3415 level has not ended yet leaving the risk of further downside on the cards. Below here will aim the 1.2900 level and then the 1.2850 level. On the other hand, the pair will have to recapture the 1.3254 level to signal an end to its corrective weakness. This if it occurs will set the stage for more upside towards the 1.3318 and then the 1.3415 level. Above here will resume its broader upside towards the 1.3450 level. All in all, EUR continues to face bear threats on correction.

 

[elisab]

Re: Technical Outlook, Strategies & Commentaries On The Major Currencies

The bearish movement of UsdJpy has developed into 5 waves. The current one is a correction that is not going to last over 99.30. Stay bearish, target 90.

 

[perox]

Re: EURUSD: Reverses Gains, Looks To Decline Further.

1.28 is more possible if 1.30 not held.