EURJPY- The cross held above its key support at the 137.97 level on Thursday leaving risk of a move higher on the cards. On the downside, support comes in at the 138.00 level where a break will aim at the 137.50 level. A turn below here will target the 137.00 level with a breach turning focus to the 136.50 level. On the upside, resistance lies at the 139.00 level. Further out, resistance resides at the 139.50 level where a break if seen will threaten further upside towards the 140.00. Further out, resistance resides at the 141.00 level. All in all, the cross continues to face upside threats whole holding above the 137.97 level
USDCHF: Reverses Losses, Eyes Further Upside With Warning
USDCHF: With Having reversed its previous week losses the risk of a move further higher is envisaged in the new week. Resistance resides at the 0.9428 level with a breach targeting the 0.9500 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9550 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 0.9250 level. A turn below here will open the door for more weakness to occur towards the 0.9200 level and then the 0.9150 level. A cut through here will open the door for additional weakness towards the 0.9100 level. All in all, the pair remains biased to the upside on further correction.
EURUSD: With EUR taking back its previous week gains to close lower last week, further weakness is envisaged. However, we may see a correction higher of the mentioned declines in the new week. Resistance is seen at the 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. All in all, EUR faces downside threats in the medium term.
USDCAD: Although is seen threatening recovery higher, as long as it trades below the 1.2421 level, we still see risk to the downside. On the upside, resistance is seen at the 1.2400 level followed by the 1.2450 level. Further out, resistance comes in at the 1.2500 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2550 level. Its daily RSI is pointing higher supporting its current price action. On the downside, support lies at the 1.2250 level followed by the 1.2200 level. Further down, support resides at the 1.2150 level and then the 1.2100 level. All in all, USDCAD remains biased to the downside on correction but with caution
AUDUSD: With the pair continuing to weaken, it looks to target the 0.7550 level. AUDUSD is on a second day of decline following its loss of upside momentum on Wednesday. On the downside, support lies at the 0.7550 level. A cut through here will turn attention to the 0.7500 level and then the 0.7450 level where a violation will set the stage for a retarget of the 0.7400 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.7650 level where a breach will aim at the 0.7700 level. Below that level if seen will set the stage for a run at the 0.7750 level with a cut through here targeting further downside towards the 0.7800 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
EURJPY- The cross continues to face downside pressure leaving risk of more weakness to occur. On the downside, support comes in at the 136.00 level where a break will aim at the 135.50 level. A turn below here will target the 135.00 level with a breach turning focus to the 134.50 level. On the upside, resistance lies at the 137.00 level. Further out, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 138.00. Further out, resistance resides at the 139.00 level. All in all, the cross continues to face upside threats.
USDCHF: Having closed almost flat the past week following its two-day weakness, risk of further decline cannot be ruled out. On the downside, support comes in at the 0.9300 level. A turn below here will open the door for more weakness to occur towards the 0.9250 level and then the 0.9200 level. A cut through here will open the door for additional weakness towards the 0.9150 level. Conversely, resistance resides at the 0.9500 level with a breach targeting the 0.9550 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9600 level. All in all, the pair remains biased to the upside on further strength.
EURUSD: Though EUR closed higher the past week, it gave back most of those gains suggesting a move lower may occur in the new week. Resistance is seen at the 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. All in all, EUR faces downside threats in the medium term.
GBPUSD: With GBP extending its weakness the past week, further downside pressure is likely. As at the time of this analysis, it was seen pressuring the downside suggesting more weakness. On the downside, support lies at the 1.5500 level where a break if seen 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. On the upside, resistance resides at the 1.5600 level with a break aiming at the 1.5650 level. A violation of here will aim at the 1.5700 level and possibly higher towards the 1.5750 level. On the whole, GBP continues to remain on the Offensive
AUDUSD: With AUDUSD continuing to face downside pressure as it followed through lower during Tuesday session, risk remains to the downside on more weakness. On the downside, support lies at the 0.7400 level. A cut through here will turn attention to the 0.7350 level and then the 0.7300 level where a violation will set the stage for a retarget of the 0.7250 level. On the upside, resistance resides at the 0.7500 level where a breach will aim at the 0.7550 level. Below that level if seen will set the stage for a run at the 0.7600 level with a cut through here targeting further downside towards the 0.7650 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
USDCAD: With USDCAD strengthening further on Tuesday , it faces further upside risk. However, having lost a lot of those gains on Tuesday, we could see a correction lower in the days ahead. It was seen declining as at the time of this analysis. On the upside, resistance is seen at the 1.2800 level followed by the 1.2850 level. Further out, resistance comes in at the 1.2900 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2950 level. On the downside, support lies at the 1.2650 level followed by the 1.2600 level. Further down, support resides at the 1.2550 level and then the 1.2450 level. All in all, USDCAD remains biased to the upside medium term buy may see a correction.
GBPUSD: Despite its present price hesitation, it faces downside pressure. On the downside, support lies at the 1.5400 level where a break if seen will aim at the 1.5350 level. A break of here will turn attention to the 1.5300 level. Further down, support lies at the 1.5250 level. Its daily RSI is bearish and pointing lower. Conversely, on the upside, resistance resides at the 1.5500 level with a break aiming at the 1.5550 level. A violation of here will aim at the 1.5600 level and possibly higher towards the 1.5650 level. On the whole, GBP continues to remain on the defensive
AUDUSD: With AUDUSD triggering a recovery higher, further bullishness is envisaged. On the upside, resistance resides at the 0.7500 level where a breach will aim at the 0.7550 level. Below that level if seen will set the stage for a run at the 0.7600 level with a cut through here targeting further downside towards the 0.7650 level. On the downside, support lies at the 0.7400 level. A cut through here will turn attention to the 0.7350 level and then the 0.7300 level where a violation will set the stage for a retarget of the 0.7250 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces corrective recovery threats
USDCHF: While the pair trades and holds below its key resistance at the 0.9541 level, we expect more weakness to occur. On the downside, support comes in at the 0.9300 level. A turn below here will open the door for more weakness to occur towards the 0.9250 level and then the 0.9200 level. A cut through here will open the door for additional weakness towards the 0.9150 level. Conversely, resistance resides at the 0.9450 level with a breach targeting the 0.9500 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9600 level. All in all, the pair remains biased to the upside on further strength medium term but break above its key resistance zone.
EURUSD: With EUR closing higher the past week, we look for more recovery higher to occur. Resistance is seen at the 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. All in all, EUR faces downside threats in the medium term.
USDJPY: H With a follow through higher on the back of its Friday gain seen during Monday trading session, more strength is envisaged. On the upside, resistance resides at the 124.00 level with a turn above here aiming at the 124.50 level. A break will target the 125.00 level. Further out, resistance comes in at the 125.50 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. On the downside, support comes in at the 123.00 level where a break will target the 122.50 level. Below here if seen will aim at the 122.00 level followed by the 121.50 level. On the whole, USDJPY remains exposed to the upside medium term
USDCHF: With the pair rallying to close higher the past week, it now faces further bullish offensive. Resistance resides at the 0.9717 level with a breach targeting the 0.9750 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher toward`s the 0.9861 level. On the downside, support comes in at the 0.9550 level. A turn below here will open the door for more weakness to occur towards the 0.9500 level and then the 0.9450 level. A cut through here will open the door for additional weakness towards the 0.9400 level. All in all, the pair remains biased to the upside on further strength.
GBPUSD: With GBP remaining weak and retaining its downside bias, further downside pressure is likely. On the upside, resistance resides at the 1.5600 level with a break aiming at the 1.5650 level. A violation will aim at the 1.5700 level and possibly higher towards the 1.5766 level. Its daily RSI is bearish and pointing lower supporting this view. On the downside, support lies at the 1.5500 level where a break if seen 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. On the whole, GBP continues to retain its pullback bias but with caution.
AUDUSD: Having halted its weakness on a rejection candle print, AUDUSD now looks for a corrective recovery higher. On the downside, support resides at the 0.7300 level where a breach will aim at the 0.7250 level. Below that level will set the stage for a run at the 0.7200 level with a cut through here targeting further downside towards the 0.7150 level. On the upside, resistance lies at the 0.7400 level. A cut through here will turn attention to the 0.7450 level and then the 0.7500 level where a violation will set the stage for a retarget of the 0.7550 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
AUDUSD: Having continued to maintain its broader downtrend, further bearishness is envisaged. On the downside, support resides at the 0.7250 level where a breach will aim at the 0.7200 level. Below that level will set the stage for a run at the 0.7150 level with a cut through here targeting further downside towards the 0.7100 level. On the upside, resistance lies at the 0.7350 level. A cut through here will turn attention to the 0.7400 level and then the 0.7450 level where a violation will set the stage for a retarget of the 0.7500 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
