FXTechstrategy Team: Forex Analysis

[FXTechstrategy Team]

EURUSD: Follows Through Higher.

EURUSD: With a second week of upside seen, further upside could follow in the new week. However, it will have to take out the 1.3547 level to prevent a return to the 1.3295 level. Further out, resistance resides at the 1.3650 level where a break will aim at the 1.3710 level. Price hesitation may occur here but if violated it will target the 1.3800 level. Conversely, support lies at the 1.3300 level with a break turning focus to the 1.3250 level and possibly lower towards the 1.3200 level. We may see bulls come in here and turn the pair higher but further decline is seen expect a move lower towards the 1.3100 level. All in all, EUR remains biased to the upside in the medium though vulnerable.

 

[FXTechstrategy Team]

GOLD: Bearish, Looks To Weaken Further

GOLD: With price weakness seen at the end of the week, further downside is likely in the new week. Nearby support resides at the 1,215.00 level. Further down, support resides at the 1,180.00 level with a turn below here shifting attention to the 1,150.00 level. Its daily RSI is bullish and pointing lower supporting this view. Conversely, resistance lies at the 1,375 level where a breach will target the 1,399.79 level. A cut through here will open the door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside medium term.

 

[FXTechstrategy Team]

USDJPY: Bullish, Sees Further Strength

USDJPY: With continued bullishness seen during Monday trading session, further upside offensive is likely in the days ahead. Further out, resistance resides at the 102.50 level. A breach of here will aim at the 103.00 level followed by the 103.73 level. Above here if seen will target the 104.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support lies at the 101.52 level where a reversal of roles is likely. However, a turn below here will aim at the 100.60 level where a violation will target the 100.00 level. Further down, support comes in at the 99.00 level. On the whole, USDJPY maintains its bullish bias.

 

[FXTechstrategy Team]

EURUSD: Maintains Its Upside Bias

EURUSD: With EUR continuing to hold on to its upside bias, a retake of the 1.3579 level is a likely scenario. This if seen will extend gains towards the 1.3600 level and then the 1.3650 level. Above here will expose the 1.3738 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.3450 level followed by the 1.3400 level. Further down, support comes in at the 1.3350 level where a violation will aim at the 1.3299 level. Below here will aim at the 1.3250 level where a violation will turn focus to the 1.3200 level. All in all, EUR continues to retain its upside bias in the medium term.

 

[FXTechstrategy Team]

GOLD: Consolidating With Downside Bias

GOLD: The commodity may be experiencing price hesitation but continues to hold on to its broader downside bias. Support lies at the 1,226.02 level. Below here will call for a retake of the 1,200.00 level. Further down, support resides at the 1,180.00 level with a turn below here shifting attention to the 1,150.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 1,375 level where a breach will target the 1,399.79 level. A cut through here will open the door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside medium term.

 

[FXTechstrategy Team]

USDCAD: Bullish, Targets Further Upside.

USDCAD: With USDCAD retaining its bullish bias, further strength is envisaged. This development leaves the pair targeting the 1.0608 level with a break paving the way for a run at the 1.0650 level. If USDCAD pushes through here, the 1.0700 level will be aimed at. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.0525 level where a reversal of roles is likely. Further down, support comes at the 1.0400 level with a violation targeting the 1.0350 level. A break through here will aim at the 1.0300 level and then the 1.0244 level. All in all, USDCAD now faces further upside threats.

 

[FXTechstrategy Team]

USDCHF: Remains Bearish Despite Marginal Lower Close.

USDCHF – Although closing marginally lower the past week, its broader downside bias remains intact. The risk is for a retake of the 0.9000 level to occur. A violation of here will turn attention to its Oct 2013 low at the 0.8889 level. Further down, support lies at the 0.8750 level followed by the 0.8700 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, to resume its recovery triggered off the 0.8889 level now on hold, the pair will have to take out the 0.9249 level, a tough call at its present price levels. This if seen will aim at the 0.9454 level with a cut through here paving the way for a push towards the 0.9496 level. On the whole, the pair remains biased to the downside in the medium term despite its marginal lower close the past week.

 

[FXTechstrategy Team]

EURUSD: Bullish, Builds On Further Strength

EURUSD: With continued bullish tone still intact., further upside could follow in the new week. However, it will have to take out the 1.3600 level to prevent a return to the 1.3295 level. Further out, resistance resides at the 1.3650 level where a break will aim at the 1.3710 level. Price hesitation may occur here but if violated it will target the 1.3800 level. Conversely, support lies at the 1.3300 level with a break turning focus to the 1.3250 level and possibly lower towards the 1.3200 level. We may see bulls come in here and turn the pair higher but further decline is seen expect a move lower towards the 1.3100 level. All in all, EUR remains biased to the upside in the medium.

 

[FXTechstrategy Team]

GBPUSD: Bullish, Remains On The Offensive

GBPUSD: With GBP holding firmly above its broken resistance turned support at the 1.6259 level and seen reversing its Monday losses, further upside offensive is likely. Resistance resides at the 1.6450 level. A breach of here will aim at the 1.6500 level with a break of there triggering more strength. Further out, resistance stands at the 1.6550 level with a violation paving the way for a run at the 1.6550 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.6342 level followed by the 1.6259 level. A reversal of roles is expected to occur and turn the pair higher. However, if that is broken, expect further decline to push the pair lower towards the 1.6200 level and then the 1.6150 level. On the whole, GBP continues to retain its medium term upside offensive.

 

[FXTechstrategy Team]

EURUSD: Looks To Recapture Minor Resistance.

EURUSD: We are looking for EUR to recapture the 1.3621 level and then resume uptrend. This view is in line with the pair’s bullish recovery triggered off the 1.3295 level. In such a case, the 1.3650 level will be targeted where a violation will aim at the 1.3738 level. Further out, resistance is seen at the 1.3800 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.3524 level with a breach targeting the 1.3500 level and then the 1.3450 level. We may see the bulls come in here and push the pair higher. However, if this fails to occur, expect further upside towards the 1.3400 level. All in all, EUR continues to retain its upside bias in the medium term.

 

[FXTechstrategy Team]

USDCHF: Broader Bias Remains Lower

USDCHF: With continued sell off occurring on Thursday, further downside is likely towards the 0.8900 level. A cut through here will aim at the 0.8850 level. Bulls may come in here turn it higher but if that level is broken expect further decline to occur. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9000 level followed by the 0.9100 level and then the 0.9190 level followed by the 0.9249 level. A breach of here will turned attention to the 0.9450 level where a break will turn attention to the 0.9542 level. All in all, the pair remains biased to the downside.

 

[FXTechstrategy Team]

EURUSD: Builds On Bullish Strength

EURUSD: A follow through higher the past week suggests further price extension in the new week. Further out, resistance resides at the 1.3750 level where a break will aim at the 1.3800 level. Price hesitation may occur here but if violated it will target the 1.3850 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3300 level with a break turning focus to the 1.3250 level and possibly lower towards the 1.3200 level. We may see bulls come in here and turn the pair higher but further decline is seen expect a move lower towards the 1.3100 level. All in all, EUR remains biased to the upside in the medium.

 

[FXTechstrategy Team]

EURUSD: Bullish, Eyes Further Upside

EURUSD: With EUR seen bullish and targeting further upside, further strength is likely in the days ahead. Resistance resides at the 1.3800 level. A cut through here will expose the 1.3850 level. Further out, resistance is seen at the 1.3900 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.3700 level with a breach targeting the 1.3650 level and then the 1.3600 level. We may see the bulls come in here and push the pair higher. However, if this fails to occur, expect further upside towards the 1.3550 level. All in all, EUR continues to retain its upside bias in the medium term.

 

[FXTechstrategy Team]

USDCHF: Bearish, Sees Further Bearishness

USDCHF: With USDCHF slightly holding below the 0.8889 level, further weakness is envisaged possibly towards the 0.8800 level. Bulls may come in here and turn it higher but if that level is broken expect further decline to occur towards the 0.8750 level. Further down, support lies at the 0.8700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.8950 level followed by the 0.9000 level and then the 0.9100 level. Further down, support lies at the 0.9190 level followed by the 0.9249 level. A breach of here will turn attention to the 0.9450 level where a break will turn focus to the 0.9542 level. All in all, the pair remains biased to the downside.

 

[FXTechstrategy Team]

USDCAD: Weakens, Bearish

USDCAD: The pair remains weak and vulnerable to the downside suggesting further decline in the days ahead. Support lies at the 1.0549 level where a violation will aim at the 1.0500 level. A reversal of roles is likely to occur here and turn USDCAD higher but if that fails, further decline could occur towards the 1.0413 level with a break turning attention to the 1.0350 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.0644 level followed by the 1.0706 level and then the 1.0750 level. Above here if seen will aim at the 1.0800 level. All in all, USDCAD continues to face further upside threats.

 

[FXTechstrategy Team]

USDCHF: Bearish, Broader Bias Remains Lower

USDCHF: With USDCHF continuing to weaken and threatening further downside, further decline is expected in the new week. Support comes in at the 0.8800 level. Bulls may come in here and turn it higher but if that level is broken anticipate further decline to occur towards the 0.8750 level. Further down, support lies at the 0.8700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.8950 level followed by the 0.9000 level and then the 0.9100 level. Further down, support lies at the 0.9190 level followed by the 0.9249 level. A breach of here will turn attention to the 0.9450 level where a break will turn focus to the 0.9542 level. All in all, the pair remains biased to the downside.

 

[FXTechstrategy Team]

EURUSD: Pressure Builds On The 1.3831 Level.

EURUSD: EUR looks to extend its bullishness in the new week having continued to hold on to its medium term uptrend. Further out, resistance resides at the 1.3831 level where a break will aim at the 1.3900 level. Price hesitation may occur here but if violated it will target the 1.4000 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3693 level with a break turning focus to the 1.3600 level and possibly lower towards the 1.3500 level. We may see bulls come in here and turn the pair higher but further decline is seen expect a move lower towards the 1.3400 level. All in all, EUR remains biased to the upside in the medium.

 

[FXTechstrategy Team]

USDCAD: Rallies, Resumes Broader Upside.

USDCAD: With USDCAD rallying to resume its broader upside, further strength is likely in the days ahead. Further out, resistance resides at the 1.0750 level. Above here if seen will aim at the 1.0800 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the other hand, support lies at the 1.0700 level where a violation will aim at the 1.0650 level where a violation will aim at the 1.0600 level. A reversal of roles is likely to occur here and turn USDCAD higher but if that fails, further decline could occur towards the 1.0550 level with a break turning attention to the 1.0500 level.. All in all, USDCAD continues to face further upside threats.

 

[FXTechstrategy Team]

US Dollar Index: Recovers, Tests Trendline Resistance

US Dollar Index: With the Index bullish and threatening further upside, more strength is expected. However, it will have to break and hold above its declining trendline currently at the 80.61 level to trigger further strength. This if seen will extend recovery higher towards the 80.98 level where a violation will aim at the 81.48 level. A push through this level will set the stage for a run at the 82.00 level and possibly higher towards the 82.50 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, as long as it continues to trade below its declining trendline, expect a push back lower. Support lies at the 80.50 level where a violation will aim at the 80.00 level. Further down, support lies at the 79.75 level with a turn below here paving the way for a run at the 79.00 level. All in all, the Index continues to face upside threats in the short term.

 

[FXTechstrategy Team]

USDJPY: Retains Its Bullish Offensive Bias.

USDJPY: With the pair bullish and threatening further upside, more gains are likely in the days ahead. Resistance resides at the 105.00 level. Above here will resume its broader upside towards the 105.50 level. Further out, resistance resides at the 106.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support resides at the 103.00 level followed the 102.15 level. Further down, the 101.50 level and the 101.00 level come in as the next support followed by the 100.50 level. On the whole, USDJPY remains exposed to the upside medium term.