USDCHF: With the pair reversing its previous week gains to close lower on Friday, it now faces further downside pressure in the new week. On the downside, support lies at the 0.9600 level with a break targeting the 0.9550 level and then the 0.9500 level. Further down, support comes in at the 0.9450 level. On the upside, resistance resides at the 0.9700 level where a break will aim at the 0.9750 level. Further out, resistance resides at the 0.9800 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9850 level. All in all, the pair remains biased to the downside on pullback.
EURUSD: Having reversed its previous week losses to close higher on Friday, it now faces further recovery bias. However, a mild pullback could occur before more strength is seen in the new week. On the upside, resistance lies at the 1.2500 level where a violation will aim at the 1.2550 level where a break will aim at the 1.2600 level, its psycho level followed by the 1.2650 level. Further out, resistance comes in at the 1.2700 level. Conversely, support is seen at 1.2300 level with a cut through here opening the door for more downside towards the 1.2250 level. Further down, support lies at the 1.2200 level where a break will expose the 1.2150 level. Below here will pave the way for a move lower towards the 1.2100 level. All in all, EUR remains biased to the downside in the medium term.
GOLD: With GOLD extending its gains the past week, it faces further bullishness in the new week. However, watch out for a pullback. On the upside, resistance lies at the 1,250.00 level where a break will aim at the 1,280.00 level. A break will target the 1,300.00 level followed by the 1,330.00 level. A cut through here will extend gains towards the 1,350.00 level. On the downside, support stands at the 1,215.00 level where a break will aim at the 1,200.00 level. Below here if seen could trigger further downside towards the 1,180.00 level where a break will aim at the 1,150.00 level. All in all, GOLD remains biased to the downside in the medium term.
GBPUSD: With GBP taking back some of its past week gains to weaken on Monday, further decline is envisaged. On the downside, support lies at the 1.5600 level where a break will aim at the 1.5550 level. A break of here will turn attention to the 1.5500 level. Further down, support lies at the 1.5500 level. Resistance resides at the 1.5700 level with a break aiming at the 1.5750 level. A violation will aim at the 1.5800 level and possibly higher towards the 1.5850 level. On the whole, GBP continues to retain its broader downside bias medium term
EURJPY- The cross continues to face downside pressure selling off further on Tuesday and opening the door for more weakness. On the downside, support comes in at the 144.50 level where a break will aim at the 144.00 level. A break will target the 143.00 level with a breach turning focus to the 142.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 146.00 level where a break if seen will threaten further upside towards the 147.00. Further out, resistance resides at the 148.00 level where a break will aim at the 149.00 All in all, the cross faces corrective downside pressure.
EURUSD: Having taken back some of its intra day gains on Tuesday and weakening during Wednesday trading session, further weakness is envisaged. On the upside, resistance lies at the 1.2569 level where a violation will aim at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. Conversely, support is seen at 1.2450 level with a cut through here opening the door for more downside towards the 1.2400 level. Further down, support lies at the 1.2350 level where a break will expose the 1.2300 level. Below here will pave the way for a move lower towards the 1.2250 level. All in all, EUR remains biased to the downside in the medium term.
USDJPY: Outlook for USDJPY now points higher after rallying strongly on Wednesday. On the upside, resistance resides at the 119.50 level followed by the 120.00 level where a break will target the 120.50 level. Further out, resistance comes in at the 121.00 level where a violation will aim at the 121.50 level. On the downside, support comes in at the 118.00 level where a break will target the 117.50 level. Below here if seen will aim at the 117.00 level followed by the 116.50 and then the 116.50 On the whole, USDJPY remains exposed to the downside on pullback
EURJPY- With the cross failing to follow through higher on the back of its Wednesday gains to close lower on Thursday, downside risk is likely. On the downside, support comes in at the 146.00 level where a break will aim at the 145.00 level. A break will target the 144.00 level with a breach turning focus to the 143.00 level. On the upside, resistance resides at the 147.00 level where a break if seen will threaten further upside towards the 148.00. Further out, resistance resides at the 149.00 level where a break will aim at the 150.00 All in all, the cross faces corrective downside pressure
EURUSD: Outlook for EUR continues to point lower following a reversal of its previous week gains the past week. However, a mild recovery higher may occur before more strength is seen in the new week. Support is seen at 1.2150 level with a cut through here opening the door for more downside towards the 1.2100 level. Further down, support lies at the 1.2050 level where a break will expose the 1.2000 level. Below here will pave the way for a move lower towards the 1.1950 level. On the upside, resistance lies at the 1.2700 level where a violation will aim at the 1.2750 level where a break will aim at the 1.2800 level, its psycho level followed by the 1.2850 level. Further out, resistance comes in at the 1.2900 level. All in all, EUR remains biased to the downside in the medium term.
GBPUSD: With GBP continuing to maintain its broader downside pressure, it looks to weaken further in the new week. But be wary of a recovery higher on correction. On the downside, support lies at the 1.5540 level where a break will aim at the 1.5450 level. A break of here will turn attention to the 1.5400 level. Further down, support lies at the 1.5350 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.5700 level with a break aiming at the 1.5750 level. A violation will aim at the 1.5800 level and possibly higher towards the 1.5850 level. On the whole, GBP continues to retain its broader downside bias medium term
EURJPY- The cross may continue to be pushing higher but still faces downside risk on corrective pullback. On the downside, support comes in at the 146.00 level where a break will aim at the 145.00 level. A break will target the 144.00 level with a breach turning focus to the 143.00 level. On the upside, resistance resides at the 148.00 level where a break if seen will threaten further upside towards the 149.00. Further out, resistance resides at the 150.00 level where a break will aim at the 151.00. All in all, the cross faces corrective downside pressure.
EURUSD: With EUR remaining weak and vulnerable to the downside following its past week declines, more bearishness is now envisaged. However, we think a recovery higher may occur after the mentioned weakness. Support is seen at 1.1950 level with a cut through here opening the door for more downside towards the 1.1900 level. Further down, support lies at the 1.1850 level where a break will expose the 1.1800 level. Below here will pave the way for a move lower towards the 1.1750 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.2050 level where a violation will aim at the 1.2100 level where a break will aim at the 1.2150 level, its psycho level followed by the 1.2200 level. Further out, resistance comes in at the 1.2250 level. All in all, EUR remains biased to the downside in the medium term.
GOLD: Despite its almost flat close the past week, GOLD continues to face corrective recovery threats. On the downside, support stands at the 1,167.00 level where a break will aim at the 1,150.00 level. Below here if seen could trigger further downside towards the 1,130.00 level where a break will aim at the 1,100.00 level. On the upside, resistance lies at the 1,200.00 level where a break will aim at the 1,230.00 level. A break will target the 1,250.00 level followed by the 1,280.00 level. A cut through here will extend gains towards the 1,300.00 level. All in all, GOLD remains biased to the downside in the medium term.
USDJPY: Although it closed marginally lower the past week (see weekly chart), further upside is likely in the new week. On the upside, resistance resides at the 120.82 level followed by the 121.50 level where a break will target the 122.50 level. Further out, resistance comes in at the 123.50 level where a violation will aim at the 124.50 level. On the downside, support comes in at the 119.50 level where a break will target the 118.50 level. Below here if seen will aim at the 117.50 level followed by the 117.00 and then the 116.50. On the whole, USDJPY remains exposed to the upside medium term though hesitating.
AUDUSD: Having halted its downside weakness and triggered a recovery higher, further move higher is expected. On the downside, support resides at the 0.8034 level where a breach will aim at the 0.7950 level. Below that level will set the stage for a run at the 0.7900 level with a cut through targeting further downside towards the 0.7850 level. On the upside, resistance lies at the 0.8150 level. A cut through here will turn attention to the 0.8200 level and then the 0.8300 level where a violation will set the stage for a retarget of the 0.8350 level. On the whole, AUDUSD continues to retain its broader downtrend.
GBPJPY: With continued decline occurring on Tuesday, further weakness is expected. Though we may see a corrective recovery higher. On the upside, resistance lies at the 181.00 level followed by the 182.00 level where a break will aim at the 183.50 level. A cut through here will aim at the 184.50 level. On the downside, support comes in at the 179.00 level where a violation will aim at the 178.00 level. A break below here will target the 177.00 level followed by the 176.00 level. All in all, the cross remains biased to the downside on correction
USDJPY: With the pair halting its weakness to close higher on Wednesday and following through higher during Thursday trading session, further bullishness is now envisaged. On the upside, resistance resides at the 120.00 level followed by the 120.50 level where a break will target the 121.00 level. Further out, resistance comes in at the 121.50 level where a violation will aim at the 122.00 level. On the downside, support comes in at the 118.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.50 level followed by the 117.00 and then the 116.50. On the whole, USDJPY remains exposed to the upside medium term.
GBPUSD: Despite retaining its broader downside bias, GBP has triggered a recovery higher on correction. On the downside, support lies at the 1.5050 level where a break will aim at the 1.5000 level. A break of here will turn attention to the 1.4950 level. Further down, support lies at the 1.4900 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.5150 level with a break aiming at the 1.5200 level. A violation will aim at the 1.5250 level and possibly higher towards the 1.5300 level. On the whole, GBP continues to retain its broader downside bias medium term
USDCHF: Although the pair retains its broader uptrend in the medium, it also faces the risk of a correction which we saw on Friday (daily chart). On the upside, resistance resides at the 1.1216 level where a break will aim at the 1.0250 level. Further out, resistance resides at the 1.0300 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 1.1350 level. On the downside, support lies at the 1.0100 level with a break targeting the 1.0050 level and then the 1.0000 level. Further down, support comes in at the 0.9950 level. All in all, the pair remains biased to the upside medium term but may see pullback.
EURUSD: With EUR continuing to maintain its broader downside pressure, further downside pressure is expected. However, we think a recovery higher may follow after its Friday recovery attempt (see daily chart). Support is seen at 1.1753 level with a cut through here opening the door for more downside towards the 1.1700 level. Further down, support lies at the 1.1650 level where a break will expose the 1.1600 level. Below here will pave the way for a move lower towards the 1.1550 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1900 level where a violation will aim at the 1.1950 level where a break will aim at the 1.2000 level, its psycho level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level. All in all, EUR remains biased to the downside in the medium term.
