USDCHF: With a third week of decline occurring the past week , further weakness is envisaged. On the downside, support comes in at the 0.9400 level. A turn below here will open the door for more weakness towards the 0.9350 level. A cut through that level will open the door for further decline towards the 0.9300 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.9550 level with a breach targeting the 0.9600 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9650 level. All in all, the pair remains biased to the downside in the short term.
EURUSD: With EUR closing higher to reverse most of its past week gains, further strength is envisaged in the new week. Resistance is seen at 1.1050 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1100 level where a break will expose the 1.1150 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.0900 level where a violation will aim at the 1.0850 level. A break of here will aim at the 1.0800 level with a turn below that level targeting the 1.0750 level. All in all, EUR remains biased to the upside on correction though seen hesitating on Tuesday.
GBPUSD: Outlook for pair has turned higher after printing a rejection candle the past week. A follow through higher is now envisaged in the new week. On the upside, resistance resides at the 1.5000 level with a break aiming at the 1.5050 level. A violation will aim at the 1.5100 level and possibly higher towards the 1.5150 level. Conversely, support lies at the 1.4800 level where a break if seen will aim at the 1.4750 level. A break of here will turn attention to the 1.4700 level. Further down, support lies at the 1.4722 level. On the whole, GBP continues to retain its recovery bias though looking to pullback.
GBPJPY: The cross is now seen recovering further and following through on the back of its Monday strength.. On the upside, resistance lies at the 179.66 level followed by the 180.50 level where a break will aim at the 181.50 level. A cut through here will aim at the 182.50 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 178.00 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. All in all, the cross remains biased to the upside on recovery.
EURGBP- With the cross declining on Tuesday and following through lower during Wednesday trading session, it faces the risk of further price extension. On the downside, support lies at the 0.7250 level where a break will expose the 0.7200 level. Further down, support comes in at the 0.7150 level where a violation will turn attention to the 0.7100 level. On the upside, resistance lies at the 0.7350 level where a violation if seen will turn focus to the 0.7400 level. On further upside, a breach of the 0.7450 level will set the stage for a run at the 0.7500 level. All in all, the cross is biased to the downside on weakness
GBPJPY: Having GBPJPY turned lower after losing its intra day strength, a move further lower is now envisaged in the days ahead. On the downside, support comes in at the 177.00 level where a violation will aim at the 176.00 level. A break below here will target the 175.00 level followed by the 174.00 level. Further down, support lies at the 173.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 178.50 level followed by the 179.50 level where a break will aim at the 180.50 level. A cut through here will aim at the 181.50 level All in all, the cross remains biased to the downside in price weakness in the short term.
GBPUSD: Weakens, Eyes Key Support And Possibly Lower
GBPUSD: With continued downside seen on Friday and the pair testing its key support at the 1.4633 level, further price extension is expected. Support lies at the 1.4600 level where a break if seen will aim at the 1.4550 level. A break of this level will turn focus to the 1.4500 level. Further down, support lies at the 1.4450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1.4700 level with a break of here turning attention to the 1.4750 level. A violation will aim at the 1.4802 level and possibly higher towards the 1.4850 level. On the whole, GBP continues to retain its downside bias in the medium term.
EURUSD: With EUR selling off strongly the past week, it looks to resume its broader medium term downtrend. On the downside, support lies at the 1.0500 level where a violation will aim at the 1.0461 level. A break of here will aim at the 1.0400 level with a turn below that level targeting the 1.0350 level. Its weekly RSI is bearish and pointing lower supporting this view. Resistance is seen at 1.0700 level with a cut through here opening the door for more downside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. All in all, EUR remains biased to the downside in the medium term.
GBPUSD Holds Above Key Supports, Eyes Further Upside
GBPUSD: Having held off the 1.4633/00 zone, we look for GBPUSD to strengthen further above that level in the days ahead. On the downside, support lies at the 1.4550 level where a break if seen will aim at the 1.4500 level. A break of here will turn attention to the 1.4400 level. Further down, support comes in at the 1.4350 level. On the upside, resistance resides at the 1.5000 level with a break aiming at the 1.5050 level. A violation will aim at the 1.5100 level and possibly higher towards the 1.5150 level. Its daily RSI is slowly turning higher supporting further upside pressure. On the whole, GBP continues to retain its recovery bias off its key support level.
USDJPY: With the pair capping its gains at 120.84 level to decline on Monday, further weakness is envisaged. On the upside, resistance resides at the 120.50 level with a turn above here aiming at the 121.00 level. A break will target the 121.50 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 122.50 level. Its daily RSI is bearish and pointing lower supporting suggesting further weakness. On the downside, support comes in at the 119.00 level where a break will target the 118.50 level. Below here if seen will aim at the 118.00 level followed by the 117.50 level. Unless the pair returns above the 120.84 level, our downside view remains intact. On the whole, USDJPY faces downside pressure on price exposing further weakness in the days ahead.
EURJPY- With a third consecutive day of recovery now underway, further strength is envisaged in the days ahead. On the downside, support comes in at the 127.00 level where a break will aim at the 126.00 level. A turn below here will target the 125.50 level with a breach turning focus to the 125.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 129.00 level where a break if seen will threaten further upside towards the 130.00. Further out, resistance resides at the 131.00 level where a break will aim at the 132.00. All in all, the cross continues to face upside threats on corrective recovery higher after losing downside momentum.
EURGBP- With the cross halting its weakness and consolidating, it looks to recover higher. On the downside, support lies at the 0.7150 level where a break will expose the 0.7100 level. Further down, support comes in at the 0.7050 level where a violation will turn attention to the 0.7000 level. On the upside, resistance lies at the 0.7250 level where a violation if seen will turn focus to the 0.7300 level. Its daily RSI is bullish and pointing higher suggesting further recovery. On further upside, a breach of the 0.7350 level will set the stage for a run at the 0.7400 level. All in all, the cross is biased to the upside on recovery following its recent bullish offensive
EURUSD: Outlook for EUR remains to the upside after closing higher the past week. However, a mild pullback may occur in the new week as price hesitation signs are now seen on lower level charts. Resistance is seen at 1.0850 level with a cut through here opening the door for more downside towards the 1.0900 level. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. Conversely, support lies at the 1.0700 level where a violation will aim at the 1.0650 level. A break of here will aim at the 1.0600 level with a turn below that level targeting the 1.0550 level. All in all, EUR remains biased to the upside on recovery.
GBPUSD: With GBP seen weak and vulnerable on the back of its rejection candle print on Friday, more decline cannot ruled out. On the downside, support lies at the 1.4850 level where a break if seen will aim at the 1.4800 level. A break of here will turn attention to the 1.4700 level. Further down, support lies at the 1.4650 level. Its daily RSI is turning lower supporting this view. On the upside, resistance resides at the 1.5000 level with a break aiming at the 1.5050 level. A violation will aim at the 1.5100 level and possibly higher towards the 1.5150 level. On the whole, GBP remains vulnerable below the 1.5052 level.
EURUSD: While the 1.0848/86 zone remains as resistance our outlook on EUR remains to the downside. Resistance is seen at 1.0800 level with a cut through here opening the door for more downside towards the 1.0848/86 levels. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level with a turn below that level targeting the 1.0500 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EUR remains biased to the downside medium term
GOLD: With GOLD selling off sharply on Wednesday, further bearishness is expected though presently seen hesitating. Support comes in at the 1,178.39.00 level where a break will aim at the 1,165.00 level. A cut through here will open the door for move lower towards the 1,150.00 level. Below here if seen could trigger further downside pressure towards the 1,130.00 level and then the 1,100.00 level. On the upside, resistance resides at the 1,200.00 level where a break will aim at the 1,215.000 followed by the 1,224.00 level. A violation of here will turn attention to the 1,250.00 level followed by the 1,170.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery threats.
USDCHF: With a reversal of almost all of its past week gains seen at the end of the week to close slightly higher, USDCHF now faces the risk of a move lower in the new week. On the downside, support comes in at the 0.9500 level. A turn below here will open the door for more weakness to occur towards the 0.9450 level and then the 0.9386 level. A cut through here will open the door for additional weakness towards the 0.9300 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9600 level with a breach targeting the 0.9650 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9700 level. All in all, the pair remains biased to the downside.
EURUSD: Outlook for EUR remains to the upside after closing higher at the end of the week following a reversal of most of its losses. This development leaves risk higher in the new week. Resistance is seen at 1.0950 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. Conversely, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level with a turn below that level targeting the 1.0650 level. All in all, EUR remains biased to the upside on recovery.
USDJPY: The pair now faces further recovery risk after turning higher off its intra day low at 118.76 level during early Monday trading. On the upside, resistance resides at the 119.74 level with a turn above here aiming at the 120.50 level. A break will target the 122.02 level. Further out, resistance comes in at the 122.50 level where a violation will aim at the 123.00 level. On the downside, support comes in at the 118.76 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 level. On the whole, USDJPY remains exposed to the upside after turning higher ahead of its key support at 118.32 level
GBPUSD: With GBP maintaining above its broken resistance turned support at the 1.5166 level, it faces further bullish offensive. However, watch out for any pullback risk of its recent strength. On the downside, support lies at the 1.5200 level where a break if seen will aim at the 1.5150 level. A break of here will turn attention to the 1.5100 level. Further down, support lies at the 1.5050 level. On the upside, resistance resides at the 1.5350 level with a break aiming at the 1.5400 level. A violation will aim at the 1.5450 level and possibly higher towards the 1.5500 level. Its daily RSI is bullish and pointing higher supporting this view. On the whole, GBP remains biased to the upside on recovery
