USDCHF: With the pair reversing most of its previous week losses to close higher the past week, immediate risk remains to the upside. Resistance resides at the 0.9156 level, its Jan 21 2014 high. Further out, the 0.9200 level, its psycho level comes in as the next upside objective where a violation will aim at the 0.9249 level, its Nov 07’2013 high. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, the risk to this analysis will be a return to the 0.8902 level, its Jan 24 2014 low. A cut through here will turn focus to the 0.8850 level and subsequently lower towards the 0.8800 level, its psycho level. This downside view is consistent with its broader medium term downtrend triggered from the 0.9838 level. All in all, the pair remains biased to the downside medium term though seen recovering.
EURUSD: Risk Points To The Downside, Set To Test The 1.3400 Level
EURUSD: With EUR reversing its previous week gains and returning below its rising trendline, further decline is envisaged in the days ahead. Support comes in at the 1.3400 level, representing its psycho level where a breach will aim at its weekly 200 ema at the 1.3346 level. Further down, support comes in at the 1.3300 level where a break will aim at the 1.3250 level and possibly lower towards the 1.3200 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, resistance resides at the 1.3550 level but EUR will have to break and hold above the 1.3716 level to annul its bear threats and trigger its upside offensive now on hold. Further out, resistance comes in at the 1.3800 level. All in all, EUR remains biased to the downside on further bear threats.
USDJPY: The pair remains vulnerable to the downside following its last week losses. A follow through lower is snow underway suggesting further decline with eyes on the 101.50 level a possibility. A cut through here will call for a run at the 101.00 level where a breach will turn attention to the 100.00 level, its big psycho level. We expect a bounce higher off this level if tested. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, resistance resides at the 102.85 level where a violation will turn focus to the 104.50 level and then the 104.00 level. If a violation of here occurs, expect more recovery to follow towards the 104.91 level where a breach will aim at the 105.43 level. On the whole, USDJPY remains exposed to the downside in the short term.
GBPUSD: Consolidates, Holds Above The 1.6259 Level.
GBPUSD: With GBP still maintaining above its horizontal at the 1.6259 level, upside risk is envisaged. This leaves the pair threatening further upside leaving the 1.6398 level as the next upside. Further out, resistance resides at the 1.6440 level, its Feb 03 2014 high where a breach will aim at the 1.6500 level. On the other hand, the risk to this analysis will be a return below the 1.6259 level. Support lies at the 1.6217 level, its Dec 17 2013 low. A cut through here will aim at the 1.6150 level. Further down, a breach will shift attention to the 1.6100 level and subsequently the 1.6050 level. On the whole, GBP continues to face bear threats though recovering.
AUDUSD: Trades Above The 0.8887 Level, Extends Recovery
AUDUSD: With the pair holding above the 0.8887 level, its Jan 22’2014 high there is risk of further upside in the days ahead. A turn above this level if seen will aim at the 0.9000 level, its big psycho level. Where a break will aim at the 0.9050 level and then the 0.9100 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on failure of its current recovery to maintain above the 08887 level, a decline could occur towards the 0.8729 level where a breach will target the 0.8700 level. A turn below here will aim at the 0.8659 level, its Jan 2014 low followed by the 0.8600 level and subsequently the 0.8550 level. All in all, the pair remains biased to the upside on futrther corrective recovery
USDCHF: Closes The Week Lower, Eyes Further Weakness.
USDCHF: Closes The Week Lower, Eyes Further Weakness.
USDCHF: With USDCHF closing the week lower and reversing most of its past week gains, the risk as we enter the new week is for more decline to occur. As long as USDCHF trades and holds below the 0.9156/0.9079 levels this view remains valid. Support lies at the 0.8902 level, its Jan 24 2014 low where a violation will push the pair further lower towards the 0.8850 level. A cut through here will pave the way for a run at the 0.8800 level, its psycho level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to resume its short term uptrend now on hold, it will have to overcome its resistance residing at the 0.9050/81 levels followed by the 0.9100 level and then the 0.9156 level, its Jan 21 2014 high. Further out, resistance resides at the 0.9200 level, its psycho. All in all, the pair remains biased to the downside medium term.
EURUSD: EUR took back most of its previous week gains to close higher the past week. This development now leaves the pair aiming at the 1.3739 level where a breach will target further upside towards the 1.3800 level, its psycho level.This view is consistent with its long term uptrend which is on hold due to corrective price action. Conversely to annul its past week gains it will have to return to the 1.3476 level. Further down, support comes in at the 1.3400 level, representing its psycho level where a breach will aim at its weekly 200 ema at the 1.3346 level. Additionally, support stands at the 1.3300 level where a break will target the 1.3250 level and possibly lower towards the 1.3200 level. All in all, EUR remains biased to the downside below its broken trendline.
USDCAD: Bearish, Risk Points Lower On Further Weakness.
USDCAD: Our outlook on USDCAD remains lower with eyes on further weakness following its continued bearishness. Support lies at the 1.0967 level, its Feb 2014 low where a break will aim at the 1.0900 level, its psycho level. Below here will turn attention to the 1.0850 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, the pair will have retake the 1.1089 level to reverse its present downside pressure and bring further gains towards the 1.1121 level, its Feb 06 2014 high. A violation will aim at the 1.1223 level, its Jan 31 2014 high with a turn above here if seen setting off additional strength towards the 1.1300 level. All in all, USDCAD continues to face further downside threats
USDCHF: Follows Through Lower, Set To Extend Weakness.
USDCHF: With a follow-through on the back of its previous week losses occurring at the end of the week, further downside is expected. As long as USDCHF trades and holds below the 0.9156/0.9079 levels this view remains valid. Minimum support lies at the 0.8902 level, its Jan 24 2014 low where a violation will push the pair further lower towards the 0.8850 level. A cut through here will pave the way for a run at the 0.8800 level, its psycho level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to reduce its downside pressure, the pair will have to overcome its resistance residing at the 0.9033 level, its Feb 12 2014 high followed by the 0.9100 level and next the 0.9156 level, its Jan 21 2014 high. Further out, resistance resides at the 0.9200 level, its psycho. All in all, the pair remains biased to the downside in the medium term.
EURUSD: Bullish, Risk Targets The 1.3736 Level And Beyond.
EURUSD: EUR looks to extend its bullish offensive with eyes on the 1.3739 level. A cut through here will aim at further upside towards the 1.3800 level, its psycho level. Further out, resistance is seen at the 1.3850 level and then the 1.3900 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely to annul its past week gains it will have to return to the 1.3561 level where a break will turn focus to the 1.3476 level. Further down, support comes in at the 1.3400 level, representing its psycho level where a breach will aim at its weekly 200 ema at the 1.3346 level. Additionally, support stands at the 1.3300 level and then the 1.3250 level. All in all, EUR remains biased to the upside on further recovery.
EURUSD: Having continued to maintain its bullish out, it now looks to recapture the 1.3739 level followed by the 1.3800 level, its psycho level. Further out, resistance resides at the 1.3893 level, its Dec 27 2013 high. This view is consistent with its long term uptrend. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.3673 level where a break will turn attention to the 1.3600 level and then the 1.3561 level, its Feb 12 2014 level followed by the 1.3476 level. Further down, support stands at the 1.3400 level, representing its psycho level where a breach will aim at its weekly 200 ema at the 1.3346 level. All in all, EUR remains biased to the upside below its broken trendline.
AUDUSD: With the pair’s failure to recapture the 0.9085 level triggering price consolidation, more downside pressure could be building up. Support lies at the 0.8926 level and then the 0.8900 level. However, in case it fails to follow through lower, expect AUDUSD to retake the 0.9080/5 levels. A cut through here will resume its short term uptrend towards the 0.9150 level where a break will pave the way for a run at the 0.9200 level and subsequently the 0.9250 level. Conversely, below the 0.8926/00 levels will mean further downside could be seen towards the 0.8887 level and followed by the 0.8800 level. All in all, the pair remains biased to the upside on corrective recovery.
GBPJPY: Vulnerable But Retains Its Broader Long Term Uptrend Bias
GBPJPY – The cross remains biased to the upside in the medium and long terms but now faces corrective downside. In order for it to resume its uptrend, it will have to break above the 171.15/87 levels. A breach could force further upside towards the 172.50 level. Further out, resistance resides at the 173.64 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 169.11 level where a break will aim at the 168.00 level and then the 167.19 level. Further down, support resides at the 166.14 level, its Feb 07 2014 low with a break targeting further downside towards the 166.00 level. All in all, the cross remains biased to the upside in the long term.
EURGBP- Unless EURGBP resumes its corrective recovery triggered off the 0.8157 level, the risk is for it to return to the 0.8190 level. Below here if seen will open the door for a return to the 0.8157 level, its Feb 17 2014 low. Further down, support is seen at the 0.8100 level with a turn below here will aim at the 0.8050 level and possibly lower towards the 0.8000 level. Immediate resistance comes in at the 0.8265 level where a break if it occurs will target the 0.8300 level. Further out, resistance stands at the 0.8349 level. Followed by the 0.8385 level, its Jan 15 2014 high where a violation will trigger further upside towards the 0.8400 level, its psycho level and next the 0.8450 level, its psycho level. All in all, the cross remains biased to the downside on further weakness.
USDCHF: With a third-week of decline as occurring the past week, further weakness is likely towards the 0.8798 level, its Dec 27 2013 low. Further down, support lies at the 0.8750 level with a cut through here paving the way for a run at the 0.8700 level, its big psycho level. Below here if seen will set the stage for more weakness towards the 0.8650 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to resume its short term uptrend now on hold, it will have to overcome its resistance residing at the 0.9037 level. This if seen could force further upside towards 0.9081 levels followed by the 0.9156 level, its Jan 21 2014 high. Further out, resistance resides at the 0.9200 level, its psycho. All in all, the pair remains biased to the downside medium term.
EURUSD: With EUR maintaining its bullish bias, further gain is envisaged in the new week. Resistance resides at the 1.3800 level where a violation will turn attention to the 1.3850 level and then the 1.3900 level, its psycho level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, to annul its past week gains it will have to return above the 1.3685 level. Further down, support is seen at the 1.3600 level and then the 1.3561 level where a break will turn focus to the 1.3476 level. A cut through will pave the way for a run at the 1.3400 level, representing its psycho level. All in all, EUR remains biased to the upside on further recovery.
EURUSD: While EUR maintains an immediate downside pressure, its broader medium term upside bias remains intact. However, the pair should face further weakness before eventually putting in a bottom. Support comes in at the 1.3600 level , its psycho level with a breach of here paving the way for a run to the downside towards the 1.3561 level, its Feb 12 2014 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, EUR will have to retake the 1.3695 level to halt its present decline. This if seen could force further upside towards the 1.3772 level. Above here will turn attention to the 1.3800 level, its psycho level. Further out, resistance is located at the 1.3893 level, its Dec 27 2013 high. A turn above here will expose the 1.3950 level and next the 1.4000 level. All in all, EUR remains biased to the downside on pullbacks
EURUSD: With bullish upside triggered pushing EUR through the 1,3772 level, further strength is now envisaged. As long as it can trade and hold above the 1.3772 level, we look for price extension towards the 1.3850 level. Further out, resistance is located at the 1.3893 level, its Dec 27 2013 high. A turn above here will expose the 1.3950 level and next the 1.4000 level. Its daily RSI bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.3772 level where a reversal of roles is expected to turn the pair back up. However, if that fails expect more decline to occur towards the 1.3642 level , its psycho level with a breach of here paving the way for a run the downside the 1.3561 level, its Feb 12 2014 level. All in all, EUR remains biased to the upside having resumed its broader uptrend.
USDCHF: With continued weakness seeing USDCHF testing a low of 0.8776 before closing lower at the 0.8801 level on Friday, further decline remains intact. It requires a break and close below the 0.8798 level, its Dec 27 2013 low and the 0.8776 level, its past week low to decline further. Further down, support lies at the 0.8750 level with a cut through here paving the way for a run at the 0.8700 level, its big psycho level. Below here if seen will set the stage for more weakness towards the 0.8650 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to reduce its downside pressure it will have to return to the 0.8929 level followed by its resistance residing at the 0.9037 level. This if seen could force further upside towards 0.9081 levels followed by the 0.9156 level, its Jan 21 2014 high. Further out, resistance resides at the 0.9200 level, its psycho. All in all, the pair remains biased to the downside in the medium term.
GBPUSD: Though seen hesitating, we still look for the pair to resume its bullish strength triggered off the 1.6583 level. Note that the fact that it has reversed most of intra day losses suggests that its broader upside bias remains intact and trend resumption is imminent. Immediate resistance resides at the 1.6768 level, its Feb 28 2014 high where a break will turn focus to the 1.6822 level and then the 1.6850 level, its psycho level. Further out, resistance stands at the 1.6900 level. Its daily RSI is bullish and pointing higher suggesting further upside. Conversely, support lies at the 1.6675 level, its Feb 28 2014 low where a cut through here will pave the way for a run at the 1.6600 level. Further down, support comes in at 1.6550 level where a break will aim at the 1.6500 level. Further down, support lies at the 1.6450 level and possibly lower towards the 1.6400 level. On the whole, GBP continues to retain its medium term upside.
