USDCHF: With USDCHF reversing almost all of its previous week gains at the end of the week, it now faces further weakness. As long as it can trade and hold below the 0.9000 level, the above view remains intact. Support lies at the 0.8907 level followed by the 0.8859 level. A cut through here will target the 0.8800 level where a violation will open the door for more weakness towards the 0.9742 level. A turn below here will set the stage for a run at the 0.8700 level. On the upside, resistance resides at the 0.9000 level where a break will retarget the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level with a close above here paving the way for a run at the 0.9150 level. All in all, the pair remains biased to the downside in the short term.
EURUSD: While EUR may have closed higher the past week, it remains vulnerable due to its negative candle formations seen on daily charts. Support lies at the 1.3564 level where a violation will aim at the 1.3500 level. A break will aim at the 1.3450 level. Below here will pave the way for a move lower towards the 1.3400 level. If this continues, expect further downside to occur towards the 1.3350 level. On the other hand, resistance lies at the 1.3643 level with a cut through here targeting the 1.3685 level, its May 2014 low followed by the 1.3720 level. All in all, EUR remains biased to the downside in the short term.
GOLD: With GOLD remaining bullish and targeting further upside, it faces further bullishness in the days ahead. Resistance resides at the 1,331.10 level where a violation will aim at the 1,342.30 level. A break will aim at the 1,359.00 level and then the 1,380.00 level. Its weekly RSI is bullish and pointing higher suggesting further upside. Conversely, support comes in at the 1,300.00 level where a violation if seen will threaten further downside towards the 1,284.00 level. Further down, support comes in at the 1,257.68 level where a break if seen will push the pair lower towards support at the 1,250.00 level. All in all, GOLD remains biased to the upside in the medium term.
EURGBP- With EURGBP stopping its weakness and turning higher the past week, further recovery is envisaged in the new week. On the upside, resistance lies at the 0.8000 level followed by the 0.8050 level where a violation if seen will turn focus to the 0.8100 level. On further upside, a breach of the 0.8100 level will set the stage for a run at the 0.8150 level and subsequently the 0.8200 level. On the downside, support lies the 0.7950 level where a break will expose the 0.7900 level. Further down, support comes in at the 0.7850 level where a violation will turn attention to the 0.7800 level. All in all, the cross is biased to the downside in the medium term.
GBPJPY – GBPJPY remains weak and vulnerable to the downside. It weakened on Tuesday and followed through lower during Wednesday trading session. This is supported by a negative candle print on Friday. A decisive break and hold above here will open the door for additional gains towards the 174.50 level where a break will aim at the 175.00 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 173.00 level where a break will aim at the 172.53 level followed by the 171.82 level. Further down, support lies at the 171.00 and then the 170.15 level. A break will aim at the 169.49 level. All in all, the cross remains biased to the upside.
USDJPY: With USDJPY weakening further on Wednesday, it faces additional bear risk. On the upside, resistance resides at the 102.50 level. A break of here will expose the 103.01 level where a breach will create scope for a run at the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level. Conversely, support lies at the 101.50 level and then the 101.00 level. A break if seen will aim at the 101.50 followed by the 100.72. On the whole, USDJPY remains exposed to the downside medium term.
AUDCAD: Although bullish, as long as the 0.9444/60 levels cap gains, AUDUSD remains biased to the downside. On the downside, support lies at the 0.9321 level where a break will aim at the 0.9300 level. Below here if seen will aim at the 0.9256 level where a break could force further downside towards the 0.9200 level. On the upside, resistance comes in at 0.9444/60 levels. A violation of here will turn attention to the 0.9500 level. Further out, resistance resides at the 0.9550 level. All in all, the pair remains biased to the upside.
GOLD: With GOLD closing marginally lower on consolidation, further corrective weakness is envisaged. If triggered, the 1,300.00 level will be targeted where a violation if seen will threaten further downside towards the 1,284.00 level. Further down, support comes in at the 1,257.68 level where a break if seen will push the pair lower towards support at the 1,250.00 level. On the upside, resistance comes in at the 1,325.75 level, Resistance resides at the 1,331.10 level where a violation will aim at the 1,342.30 level. A break will aim at the 1,359.00 level and then the 1,380.00 level. All in all, GOLD remains biased to the upside in the medium term.
USDCAD: With USDCAD triggering a correction during early trading today, further upside could be seen in the days ahead. However, broader bias still points lower in the medium term. On the downside, support lies at the 1.0600 level where a break will aim at the 1.0550 level and then the 1.0500 level. Further down, support is located at the 1.0450 level where a break if seen paving the way for a run at the 1.0400 level. On the upside, resistance is seen at the 1.0700 level followed by the 1.0750 level. Further out, resistance comes in at the 1.0813 level where a reversal of roles is expected to occur and turn it lower. But if further recovery is triggered resistance comes in at the 1.0850 level followed by the 1.0900 level. All in all, USDCAD continues to maintain its medium term downside risk despite its current recovery.
EURJPY- With a second day of upside offensive underway, further bullishness is expected. Resistance resides at the 139.00 level followed by the 139.50 level where a breach will aim at the 139.95/8 level. Further out, resistance comes in at the 140.94. We may see a breather here but if that fails, further gains could follow towards the 141.50 level. Conversely, On the downside, support lies at the 138.13/137.97 levels. This level could hold and turn the cross back up but on continued hold below that zone, support lies at the 137.50 level. A violation will target the 137.00 level and then the 136.50 level. All in all, the cross remains biased to the upside
EURUSD: With EUR halting its upside offensive on Tuesday and following through lower during Wednesday trading session, further weakness is envisaged. Support comes in at the 1.3651 zone where a reversal of roles as support is likely. Below here will aim at the 1.3600 level and then 1.3550 level where a violation will target further downside towards the 1.3521/02 levels level. Further down, support stands at the 1.3450 level. Conversely, resistance resides at the 1.3723 level and subsequently the 1.3774 level. Above here will open the door for more upside towards the 1.3800 level followed by the 1.3850 level and then the 1.3900 level. All in all, EUR remains biased to the upside in the short term.
EURUSD: With further weakness seen on Thursday, EUR faces additional downside pressure in the days ahead. Support comes in at the 1.3575 zone where a reversal of roles as support is likely. Below here will aim at the 1.3550 level and then 1.3500 level where a violation will target further downside towards the 1.3521/02 levels level. Further down, support stands at the 1.3450 level. Its daily RSI bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.3664.00 level where a break will aim at the 1.3723 level and subsequently the 1.3774 level. Above here will open the door for more upside towards the 1.3800 level. All in all, EUR remains biased to the downside in the short term.
USDCHF: With USDCHF halting its weakness ad turning higher at the end of the week, further upside offensive is envisaged. This development leaves the pair strengthening further in the new week with eyes on the 0.9000 level where a break will aim at the 0.9050 level. Further out, resistance resides at the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.8855 level. A cut through here will target the 0.8800 level where a violation will open the door for more weakness towards the 0.9742 level. A turn below here will set the stage for a run at the 0.8700 level. All in all, the pair remains biased to the upside on recovery.
EURUSD: Outlook for EUR remains lower leaving further downside pressure on the cards in the new week. Support lies at the 1.3500 level where a break will expose the 1.3450 level. Below here will pave the way for a move lower towards the 1.3400 level. If this continues, expect further downside to occur towards the 1.3350 level. On the downside, On the upside, resistance lies at the 1.3700 level, its psycho level followed by the 1.3750 level. Further out, resistance comes in at the 1.3800 level followed by the 1.3850 level. All in all, EUR remains biased to the downside in the short term.
AUDUSD: Although AUDUSD continues to recover higher, it remains vulnerable to the downside below the 0.9504 level. On the downside, support lies at the 0.9350 level where a violation will aim at the 0.9300 level followed by the 0.9250 level. A cut through here will turn attention to the 0.9200 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance resides at the 0.9550 level where a break will aim at 0.9600 level. On continued bullishness, the 0.9650 level followed by the 0.9700 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, the pair faces a corrective recovery risk.
USDCHF: Although USDCHF failed to follow through on the back of its previous week gains, its recovery risk remains. On the downside, support lies at the 0.8855 level. A cut through here will target the 0.8800 level where a violation will open the door for more weakness towards the 0.9742 level. A turn below here will set the stage for a run at the 0.8700 level. On the upside, resistance resides at the 0.8950 level where a break will aim at the 0.9000 level where a break will retarget the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level. All in all, the pair remains biased to the upside on recovery.
GOLD: With the commodity closing higher the past week, there is risk of further strength towards the 1,345.90 level with a cut through here extending gains towards the 1,360.30 level. A violation will aim at the 1,380.00 level. A break will aim at the 1,359.00 level and then the 1,400.00. We expect the bears to come in here and turn it lower. On the downside, support lies at the 1,310.13 followed by the 1,300.00 level where a break if seen will aim at the 1,284.00 level. Further down, support comes in at the 1,257.68 level where a break if seen will push the pair lower towards the 1,250.00 level. All in all, GOLD remains biased to the upside in the medium term.
