FXTechstrategy Team: Forex Analysis
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USDCHF: Weakens, Aims At The 0.9130 Level.
USDCHF – With continued bearishness seen the past week, further weakness is envisaged in the new week. This development leaves the pair targeting the 0.9130 level where a violation will aim at the 0.9050 level. Bears may come in here and turn USDCHF higher but if this fails to occur, expect further decline towards the 0.9000 levels. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 0.9412 level and then the 0.9750 level to annul its present bearishness and then resume its corrective strength. This if seen will target the 0.9838 level, its Jun 2013 high with a cut through here resuming its broader medium term bias and opening the door for a move higher towards the 0.9900 level. On the whole, the pair looks to extend its weakness in the new week.
USDCHF – With continued bearishness seen the past week, further weakness is envisaged in the new week. This development leaves the pair targeting the 0.9130 level where a violation will aim at the 0.9050 level. Bears may come in here and turn USDCHF higher but if this fails to occur, expect further decline towards the 0.9000 levels. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 0.9412 level and then the 0.9750 level to annul its present bearishness and then resume its corrective strength. This if seen will target the 0.9838 level, its Jun 2013 high with a cut through here resuming its broader medium term bias and opening the door for a move higher towards the 0.9900 level. On the whole, the pair looks to extend its weakness in the new week.
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EURUSD: Bullish, The 13415 level Beckons.
EURUSD: With EUR bullish and targeting further upside, it looks to recapture the 1.3415 level. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3232 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside.
EURUSD: With EUR bullish and targeting further upside, it looks to recapture the 1.3415 level. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3232 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside.
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USDCAD: Bearish, Sets Up To Resume Weakness.
USDCAD: A re-take of the 1.0244 level is now underway following a sell off the past week. Below the mentioned level will open the door for more downside towards the 1.0200 level. A turn below here will shift risk to the downside towards the 1.0136 level and then the 1.0100 level. Further down, support comes in at the 1.0050 level and then the 1.0000 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.0444 level followed by the 1.0500 level and then the 0.608 level. This if seen will call for a run at the 1.0650 level. All in all, USDCAD continues to face its downside pressure bias having sold off the past week.
USDCAD: A re-take of the 1.0244 level is now underway following a sell off the past week. Below the mentioned level will open the door for more downside towards the 1.0200 level. A turn below here will shift risk to the downside towards the 1.0136 level and then the 1.0100 level. Further down, support comes in at the 1.0050 level and then the 1.0000 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.0444 level followed by the 1.0500 level and then the 0.608 level. This if seen will call for a run at the 1.0650 level. All in all, USDCAD continues to face its downside pressure bias having sold off the past week.
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USDJPY: On Recovery Mode
USDJPY: USDJPY is still seen struggling to build on its upside suggesting further price extension. This scenario will have to play out to prevent a return to the 95.80 level. Below here will aim at the 95.00 level where a violation will aim at the 94.50 level. Conversely, the risk to this analysis will be a return to the 99.93 level and then the 100.86 level where a break will resume its upside offensive. Further out, resistance resides at the 101.52 level. On the whole, USDJPY is vulnerable to the downside though attempting a recovery.
USDJPY: USDJPY is still seen struggling to build on its upside suggesting further price extension. This scenario will have to play out to prevent a return to the 95.80 level. Below here will aim at the 95.00 level where a violation will aim at the 94.50 level. Conversely, the risk to this analysis will be a return to the 99.93 level and then the 100.86 level where a break will resume its upside offensive. Further out, resistance resides at the 101.52 level. On the whole, USDJPY is vulnerable to the downside though attempting a recovery.
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GBPUSD: Strengthens, Maintains Bullish Momentum
GBPUSD: With GBP closing higher on Wednesday and following through higher during early morning trading today, further upside is likely. This development exposes the 1.5600 level with a turn above here creating scope for further bullish offensive towards the 1.5676 level. Further out, resistance resides at the 1.5750 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.5434 level where a reversal of roles as support is likely to occur and turn the pair higher. Further down, support stands at the 1.5400 level where a violation will aim at the 1.5350 level. On the whole, GBP looks to extend its upside offensive.
GBPUSD: With GBP closing higher on Wednesday and following through higher during early morning trading today, further upside is likely. This development exposes the 1.5600 level with a turn above here creating scope for further bullish offensive towards the 1.5676 level. Further out, resistance resides at the 1.5750 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.5434 level where a reversal of roles as support is likely to occur and turn the pair higher. Further down, support stands at the 1.5400 level where a violation will aim at the 1.5350 level. On the whole, GBP looks to extend its upside offensive.
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USDCHF: Bear Threat Sets Up For The 0.9130 Level.
USDCHF – With the pair reversing g most of its past week gains to close marginally higher, the risk in the new week is for USDCHF to recapture the 0.9130 level. A violation will aim at the 0.9050 level. Bears may come in here and turn USDCHF higher but if this fails to occur, expect further decline towards the 0.9000 levels. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 0.9412 level and then the 0.9750 level to annul its present bearishness and then resume its corrective strength. This if seen will target the 0.9838 level, its Jun 2013 high with a cut through here resuming its broader medium term bias and opening the door for a move higher towards the 0.9900 level. On the whole, the pair looks to extend its weakness in the new week.
USDCHF – With the pair reversing g most of its past week gains to close marginally higher, the risk in the new week is for USDCHF to recapture the 0.9130 level. A violation will aim at the 0.9050 level. Bears may come in here and turn USDCHF higher but if this fails to occur, expect further decline towards the 0.9000 levels. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 0.9412 level and then the 0.9750 level to annul its present bearishness and then resume its corrective strength. This if seen will target the 0.9838 level, its Jun 2013 high with a cut through here resuming its broader medium term bias and opening the door for a move higher towards the 0.9900 level. On the whole, the pair looks to extend its weakness in the new week.
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EURUSD: Looks To Recapture The 13415 level
EURUSD: With EUR bullish and targeting further upside, more bullishness is expected to recapture the 1.3415 level. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3232 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside.
EURUSD: With EUR bullish and targeting further upside, more bullishness is expected to recapture the 1.3415 level. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3232 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside.
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EURGBP- Under Pressure, Sees Further Bearishness.
EURGBP- With a second week of decline occurring the past week, there is risk of further weakness in the new week. Immediate support stands at the 0.8489 level where a violation will call for a run at the 0.8400 level. Further down, support comes in at the 0.8350 level with a breach calling for a run at the 0.8300 level. Its weekly RSI is bearish and pointing lower supporting this view. To prevent its downside vulnerability, EURGBP will have to maintain above the 0.8609 level and then return above the 0.8710 level. Above here will aim at the 0.8750 level with a breach targeting further upside. All in all, the cross remains biased to the downside nearer term as it faces bear threats.
EURGBP- With a second week of decline occurring the past week, there is risk of further weakness in the new week. Immediate support stands at the 0.8489 level where a violation will call for a run at the 0.8400 level. Further down, support comes in at the 0.8350 level with a breach calling for a run at the 0.8300 level. Its weekly RSI is bearish and pointing lower supporting this view. To prevent its downside vulnerability, EURGBP will have to maintain above the 0.8609 level and then return above the 0.8710 level. Above here will aim at the 0.8750 level with a breach targeting further upside. All in all, the cross remains biased to the downside nearer term as it faces bear threats.
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USDCAD: Bullish, Pressures More Upside
USDCAD: With the pair breaking and holding above the 1.0444 level on Wednesday and following through higher on Thursday, there is risk of further upside offensive. Resistance resides at the 1.0550 level, its psycho level with a breach of here opening the door for more gains towards the 1.0600 level followed by the 1.0650 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.0444 level where a reversal of roles is likely to occur. Further down, support comes in at the 1.0317 level with a breach targeting the 1.0244 level. A cut through here will resume its weakness towards the 1.0200 level followed by the 1.0150 level. All in all, USDCAD now faces further bull threats.
USDCAD: With the pair breaking and holding above the 1.0444 level on Wednesday and following through higher on Thursday, there is risk of further upside offensive. Resistance resides at the 1.0550 level, its psycho level with a breach of here opening the door for more gains towards the 1.0600 level followed by the 1.0650 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.0444 level where a reversal of roles is likely to occur. Further down, support comes in at the 1.0317 level with a breach targeting the 1.0244 level. A cut through here will resume its weakness towards the 1.0200 level followed by the 1.0150 level. All in all, USDCAD now faces further bull threats.
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USDCHF: Risk Turns To The 0.9130 Level.
USDCHF – With the pair failing to push higher and closing lower the past week, the risk is for more downside to occur. This will aim at the 0.9130 level where a violation will aim at the 0.9050 level. Bears may come in here and turn USDCHF higher but if this fails to occur, expect further decline to occur towards the 0.9000 levels. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 0.9396 level to halt its bear threats and open the door for a move towards the 0.9412 level. Further out, resistance resides at the 0.9750 level where a break will annul its broader bearishness and then resume its strength. This if seen will target the 0.9838 level, its Jun 2013 high. On the whole, the pair looks to extend its weakness having maintained its bear pressure.
USDCHF – With the pair failing to push higher and closing lower the past week, the risk is for more downside to occur. This will aim at the 0.9130 level where a violation will aim at the 0.9050 level. Bears may come in here and turn USDCHF higher but if this fails to occur, expect further decline to occur towards the 0.9000 levels. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 0.9396 level to halt its bear threats and open the door for a move towards the 0.9412 level. Further out, resistance resides at the 0.9750 level where a break will annul its broader bearishness and then resume its strength. This if seen will target the 0.9838 level, its Jun 2013 high. On the whole, the pair looks to extend its weakness having maintained its bear pressure.
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EURUSD: Bull Pressure Points To The 13451 level
EURUSD: With EUR closing higher the past week, more bullishness is expected to recapture the 1.3451 level. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Further out, resistance resides at the 1.3600 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3232 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside.
EURUSD: With EUR closing higher the past week, more bullishness is expected to recapture the 1.3451 level. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Further out, resistance resides at the 1.3600 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3232 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside.
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EURJPY: Faces Broader Upside Risk
EURJPY- With the cross bullish and closing higher the past week, we expect more gains to follow in the new week. Despite its present price hesitation, the above view remains intact. Resistance resides at the 132.74 level where a break will aim at the 133.81 level. Above here will pave the way for a run at the 134.50 level. Further out, resistance comes in at the 135.00 level. Its weekly RSI is bullish and pointing higher supporting this view. Supports are seen at the 129.57 level and then the 128.50 level and then the 128.00 level. The key support resides at the 127.50 level. All in all, the cross remains biased to the upside in the medium term.
EURJPY- With the cross bullish and closing higher the past week, we expect more gains to follow in the new week. Despite its present price hesitation, the above view remains intact. Resistance resides at the 132.74 level where a break will aim at the 133.81 level. Above here will pave the way for a run at the 134.50 level. Further out, resistance comes in at the 135.00 level. Its weekly RSI is bullish and pointing higher supporting this view. Supports are seen at the 129.57 level and then the 128.50 level and then the 128.00 level. The key support resides at the 127.50 level. All in all, the cross remains biased to the upside in the medium term.
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USDCAD: Broader Bias Remains To The Upside.
USDCAD: With USDCAD reluctant to weaken further following its Friday negative candle formation, the risk is for it to recapture the 1.0567 level. Resistance resides at the 1.0600 level, its psycho level with a breach of here opening the door for more gains towards the 1.0600 level followed by the 1.0650 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.0444 level where a reversal of roles is likely to occur. Further down, support comes in at the 1.0317 level with a breach targeting the 1.0244 level. A cut through here will resume its weakness towards the 1.0200 level followed by the 1.0150 level. All in all, USDCAD now faces further bull threats.
USDCAD: With USDCAD reluctant to weaken further following its Friday negative candle formation, the risk is for it to recapture the 1.0567 level. Resistance resides at the 1.0600 level, its psycho level with a breach of here opening the door for more gains towards the 1.0600 level followed by the 1.0650 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.0444 level where a reversal of roles is likely to occur. Further down, support comes in at the 1.0317 level with a breach targeting the 1.0244 level. A cut through here will resume its weakness towards the 1.0200 level followed by the 1.0150 level. All in all, USDCAD now faces further bull threats.
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EURUSD: Consolidating With Upside Bias.
EURUSD: Despite EUR’s consolidation threats, it continues to retain its bullish bias with risk of returning to the 1.3415 level. This if seen will aim at the 1.3450 level. Further out, resistance resides at the 1.3500 level and possibly higher towards the 1.3600 level. Conversely, support lies at the 1.3200 level where a reversal of roles as support is expected. Further down, support comes in at the 1.3189 level followed by the 1.3100 level where a violation will target the 1.3000 level. All in all, EUR continues to retain its broader upside bias though correcting lower.
EURUSD: Despite EUR’s consolidation threats, it continues to retain its bullish bias with risk of returning to the 1.3415 level. This if seen will aim at the 1.3450 level. Further out, resistance resides at the 1.3500 level and possibly higher towards the 1.3600 level. Conversely, support lies at the 1.3200 level where a reversal of roles as support is expected. Further down, support comes in at the 1.3189 level followed by the 1.3100 level where a violation will target the 1.3000 level. All in all, EUR continues to retain its broader upside bias though correcting lower.
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USDCHF: Recovering But Vulnerable Medium Term.
USDCHF – The pair may have halted its weakness the past week to close higher but continues to maintain its broader downside bias. Unless we see a follow through higher on the back of its past week gains, risk of returning to the 0.9130 level is a possibility with a violation aiming at the 0.9050 level. Bears may come in here and turn USDCHF higher but if this fails to occur, expect further decline towards the 0.9000 levels. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 0.9496 level and then the 0.9750 level to annul its broader bearishness and then resume its corrective strength. This if seen will target the 0.9838 level, its Jun 2013 high with a cut through here resuming its broader medium term bias. On the whole, the pair remains vulnerable to the downside in the medium term.
USDCHF – The pair may have halted its weakness the past week to close higher but continues to maintain its broader downside bias. Unless we see a follow through higher on the back of its past week gains, risk of returning to the 0.9130 level is a possibility with a violation aiming at the 0.9050 level. Bears may come in here and turn USDCHF higher but if this fails to occur, expect further decline towards the 0.9000 levels. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above the 0.9496 level and then the 0.9750 level to annul its broader bearishness and then resume its corrective strength. This if seen will target the 0.9838 level, its Jun 2013 high with a cut through here resuming its broader medium term bias. On the whole, the pair remains vulnerable to the downside in the medium term.
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EURUSD: Turns Lower On Correction
EURUSD: Unless EUR follows through lower on its past week losses, there is risk of a return to the to the upside. If this occurs, the 1.3451 level will be targeted. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Further out, resistance resides at the 1.3600 level. Conversely, on continued weakness, support lies at the 1.3200 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside though correcting.
EURUSD: Unless EUR follows through lower on its past week losses, there is risk of a return to the to the upside. If this occurs, the 1.3451 level will be targeted. A break through here will set the stage for more strength towards the 1.3500 level with a break resuming its broader upside and turning attention to the 1.3550 level. Further out, resistance resides at the 1.3600 level. Conversely, on continued weakness, support lies at the 1.3200 level followed by the 1.3136 level with a turn below here shifting focus to the 1.3050 level and then the 1.3000 level. All in all, EUR remains biased to the upside though correcting.
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