EURJPY- Having triggered a corrective recovery higher during early trading today, it looks to extend that strength in the days ahead. On the upside, resistance resides at the 139.27 level will be targeted where a break will aim at the 140.00. Its daily RSI is bullish and pointing higher supporting this view. We may see a breather here but if that fails, further gains could follow towards the 140.50 level. Support is located at the 137.70 level where a breach will target the 137.00 level. A turn below here will aim at the 136.50 level where a violation if seen will aim at the 136.00 level. All in all, the cross remains biased to the downside in the short term.
GBPJPY – With GBPJPY reversing its intra day gains to close lower on Monday, further downside is likely. On the upside, resistance resides at 175.50 level where a break will set the stage for a run at the 176.00 level where a break will aim at the 176.50 level. Its daily RSI is bullish and pointing higher. On the downside, support comes in at the 173.50 level followed by the 172.50 level where a break will aim at the 172.00 level followed by the 171.50 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.
GBPUSD: GBP may be biased to the upside in the medium term but it will have to break and hold above the 1.7177/90 level to trigger that uptrend. In case this fails, support lies at the 1.7058 level with a cut through here will aim at the 1.7000 level followed by the 1.6921/20 levels where a reversal of roles as support is likely. But a break of here will turn attention to the 1.6850 level. On the upside, resistance resides at the 1.7178 level where a break will aim at the 1.7200 level and possibly higher towards the 1.7250 level. A cut through here will aim at the 1.7300 level. On the whole, GBP continues to retain its upside bias but faces corrective weakness threats.
USDCAD: Having continued to hold below the 1.0793 level, our bias remains lower on pullbacks. On the downside, support is seen at the 1.0600 level where a break will aim at the 1.0550 level. Further down, support comes in at the 1.0500 level and then the 1.0450 level. On the upside, resistance resides at the 1.0700 level where a break will expose the 1.0750 level. A violation if seen will target the 1.0800 level. Further out, resistance resides at the 1.0850 level followed by the 1.0900 level. All in all, USDCAD continues to weaken targeting further downside.
USDCHF: With a strong rally occurring the past week, further bullishness is expected in the new week. On the upside, resistance resides at the 0.9000 level where a break will aim at the 0.9050 level. Further out, a break will retarget the 0.9100 level where breather may occur and turn the pair lower but if broken it will turn focus on the 0.9150 level. On the downside, support lies at the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8850 level. A turn below here will set the stage for a run at the 0.8800 level. All in all, the pair remains biased to the upside on recovery.
EURUSD: Prints Negative Candle, Risk Builds On The Upside
EURUSD: Though closing lower the past week, the pair ability to reject downside price and print a rejection candle is suggestive of a recovery higher. Support lies at the 1.3490 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. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3650 level, its psycho level followed by the 1.3700 level. Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level. All in all, EUR remains biased to the downside in the medium term.
EURUSD: Despite its price hesitation on Monday, further upside is expected in the days ahead. 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. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3650 level, its psycho level followed by the 1.3700 level. Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level. All in all, EUR remains biased to the upside in the medium term.
EURJPY- With a temporary bottom formed and recovery higher triggered, further strength is now envisaged. On the upside, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 1.38.00. Further out, resistance resides at the 139.27 level where a break will aim at the 140.00. We may see a breather here but if that fails, further gains could follow towards the 140.50 level. Support comes in at the 136.50 level where a breach will target the 136.00 level. A turn below here will aim at the 135.50 level where a violation if seen will aim at the 135.00 level. All in all, the cross remains biased to the upside in the nearer term.
USDCHF: With a second week of recovery higher occurring the past week, further upside is likely. On the upside, resistance resides at the 0.9100 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9250 level. On the downside, support lies at the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8842 level. A turn below here will set the stage for a run at the 0.8800 level. All in all, the pair remains biased to the upside on recovery.
EURUSD: Vulnerable, Targets Further Downside With Caution
EURUSD: Outlook for EUR remains lower following a bearish price extension the past week. Corrective may occur in the new week. Support lies at the 1.3000 level where a break will expose the 1.3350 level. Below here will pave the way for a move lower towards the 1.3300 level. If this continues, expect further downside to occur towards the 1.3250 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3650 level, its psycho level followed by the 1.3700 level. Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level. All in all, EUR remains biased to the downside in the medium term.
GBPUSD: With continued downside pressure seen the past week, further downside is likely though a correction could occur in the new week. On the other hand, support lies at the 1.6921 level where a break will aim at the 1.6900 levels. A break of here will turn attention to the 1.6850 level. Further down, support lies at the 1.6800 level. Conversely, resistance resides at the 1.7042 level with a break aiming at the 1.7100 level where a violation will aim at the 1.7150 level and possibly higher towards the 1.7200 level. On the whole, GBP continues to retain its downside bias nearer term
USDJPY: Further bullish price extension is now underway following the pair’s higher close on Monday. Resistance resides at the 102.79 level where a break will target the 102.79 level. Further out, resistance resides at the 103.01 level where a violation will aim at the 103.38 level and possibly higher towards the 104.12 level. On the downside, support comes in at the 101.00 level where a break if seen will aim at the 100.72 followed by the 100.50 and then the 100.00 level. Further down, support stands at the 99.50 level. On the whole, USDJPY remains exposed to the upside short term.
USDCAD: With USDCAD rallying strongly on Tuesday, further bullishness is now envisaged. On the upside, resistance is seen at the 1.0900 level followed by the 1.0950 level. Further out, resistance comes in at the 1.1000 level where a reversal of roles is expected to occur and turn it lower. On the downside, support lies at the 1.0750 level followed by the 1.0700 level where a break will aim at the 1.0650 level and then the 1.0600 level. Further down, support is located at the 1.0550 level. All in all, USDCAD continues to face further upside risk.
EURUSD: With EUR extending its weakness on Thursday, further downside pressure is likely. With a rejection candle printed on Wednesday, beware of a recovery higher risk. Support lies at the 1.3000 level where a break will expose the 1.3350 level. Below here will pave the way for a move lower towards the 1.3300 level. If this continues, expect further downside to occur towards the 1.3250 level. On the upside, resistance lies at the 1.3650 level, its psycho level followed by the 1.3700 level. Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level. All in all, EUR remains biased to the downside in the medium term.
USDCHF: With corrective weakness triggered on the daily chart and a higher ,level rejection candle formed on the weekly chart, we expect price weakness in the days ahead. On the downside, support lies at the 0.9000 level with a break targeting the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8842 level. On the upside, resistance resides at the 0.9100 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the downside on pullback risks
EURUSD: With EUR halting its broader weakness to close flat the past week, it faces the risk of further recovery higher. If a follow-through higher on the back of its Friday gain occurs, further bullish offensive is likely in the new week. Support lies at the 1.3366 level where a break will expose the 1.3300 level. Below here will pave the way for a move lower towards the 1.3250 level. If this continues, expect further downside to occur towards the 1.3200 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3500 level, its psycho level followed by the 1.3550 level. Further out, resistance comes in at the 1.3600 level followed by the 1.3650 level. All in all, EUR remains biased to the downside in the medium term.
EURUSD: With EUR reversing its recovery gains to close lower on Tuesday and following through lower during Wednesday trading session, it now faces further downside pressure. Support lies at the 1.3300 level where a break will expose the 1.3250 level. Below here will pave the way for a move lower towards the 1.3200 level. If this continues, expect further downside to occur towards the 1.3150 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3378 level followed by the 1.3450 level. Further out, resistance comes in at the 1.3500 level followed by the 1.3550 level. All in all, EUR remains biased to the downside in the medium term.
USDCHF: With USDCHF turning lower off higher level prices to close lower on Wednesday, further downside is expected. On the downside, support lies at the 0.9000 level with a break targeting the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8842 level. On the upside, resistance resides at the 0.9100 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the downside on pullback risks
GBPUSD: With continued downside pressure seen GBP looks to extend further weakness. On the other hand, support lies at the 1.6800 level where a break will aim at the 1.6750 levels. A break of here will turn attention to the 1.6700 level. Further down, support lies at the 1.6650 level. Its daily and weekly momentum indicators are bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.7042 level with a break aiming at the 1.7100 level where a violation will aim at the 1.7150 level and possibly higher towards the 1.7200 level. On the whole, GBP continues to retain its downside bias nearer term
USDCHF: With USDCHF failing at the 0.9114 level and closing lower on a rejection candle formation, it faces downside risk in the new week. On the downside, support lies at the 0.9000 level with a break targeting the 0.8950 level. A cut through here will target the 0.8950 level where a violation will open the door for more weakness towards the 0.8900 level and then the 0.8842 level. Its weekly RSI is bearish and pointing lower suggesting further downside. On the upside, resistance resides at the 0.9114 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the downside on pullback risks
