FXTechstrategy Team: Forex Analysis

[FXTechstrategy Team]

USDCHF Retains Bullish Offensive But With Caution

USDCHF: The pair followed through higher the past week on the back of its previous week long-tailed candle formation. This keeps the immediate outlook higher. However, its immediate challenge is to break and hold above the 0.9823 level. That level was rejected at the end of the week suggesting more price hesitation or even a move lower may dominate price action in the new week. On the upside, resistance lies at the 0.9843 level with a breach targeting the 0.9900 level. If this level is taken out, expect a push further higher towards the 1.0000 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 0.9700 level. A turn below here will open the door for more weakness to occur towards the 0.9650 level and then the 0.9600 level. Further down, support comes in at the 0.9550 level. All in all, the pair remains biased to the upside in the short term.

 

[FXTechstrategy Team]

EURGBP- With the cross closing higher the past week, further upside pressure is likel

EURGBP- With the cross closing higher the past week, further upside pressure is likely in the new week. Although likely to face consolidation, we think it should head higher in the new week. On the upside, resistance lies at the 0.7400 level where a violation if seen will turn risk towards the 0.7450 level. On further upside, the 0.7500 level comes in as the next upside target followed by the 0.7550 level. Its weekly RSI is bullish and pointing higher suggesting further stregnth. Conversely, support lies at the 0.7300 level where a violation will turn focus to the 0.7250 level. A break will expose the 0.7200 level. Further down, support comes in at the 0.7150 level. All in all, the cross remains biased to the upside in the short term.

 

[FXTechstrategy Team]

EURUSD: Maintains Broader Downside Bias With Eyes On 1.1086 Zone

EURUSD: Having EUR closed lower the past week we expect more weakness to follow. But this comes with a warning that as long as it trades and holds above the 1.1086 level, we may see it headed higher in the new week. Support lies at the 1.1150 level where a violation will aim at the 1.1086 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen at 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 1.1409 level. All in all, EUR remains biased to the downside in the short term.

 

[FXTechstrategy Team]

EURGBP- Remains On The Offensive, Aims At 0.7482 Level

EURGBP- With the cross remaining on the offensive, we look for more strength to build up. While it holds above the 0.7360 zone, expect more strength possibly towards the 0.7482/0.7500 region. On the upside, resistance lies at the 0.7450 level where a violation if seen will turn risk towards the 0.7500 level. On further upside, the 0.7550 level comes in as the next upside target followed by the 0.7600 level. Conversely, support lies at the 0.7350 level where a violation will turn focus to the 0.7300 level. A break will expose the 0.7250 level. Further down, support comes in at the 0.7200 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, the cross remains biased to the upside in the short term.

 

[FXTechstrategy Team]

EURUSD Loses Upside Momentum, Slides

EURUSD: With EUR failing to maintain its upside momentum and turning lower off the 1.1280 level during Tuesday trading session, risk of more weakness is now developing. In such case, support at the 1.1150 level with a break of here opening the door for a run at the 1.1100 level. Further down, a turn below that level will target the 1.1050 level. Its daily RSI bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at 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 1.1450 level. All in all, EUR remains biased to the downside in the short term with more weakness likely.

 

[FXTechstrategy Team]

EURJPY Rejects Lower Prices, Risk Points Higher

EURJPY: The cross continues to reject downside price leaving risk of a move higher. If more strength is seen expect additional recovery towards 135.50 level where a break will turn attention to the 136.00 level. Further out, resistance lies at the 136.50 level where a break will aim at the 137.00 level. A turn above here will target the 137.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support resides at the 134.50 level. Further out, resistance resides at the 134.00 level where a break if seen will threaten further upside towards the 133.50. Further out, resistance comes in at the 133.00 level. All in all, the cross now faces upside risk in the nearer term

 

[FXTechstrategy Team]

USDCAD Drops Lower On Corrective Weakness

USDCAD: USDCAD sold off strongly on Wednesday leaving risk of further decline on the cards. With that said, we look for more weakness to occur in the days ahead. On the downside, support lies at the 1.3250 level followed by the 1.3200 level. Further down, support resides at the 1.3150 level and then the 1.3100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance resides at the 1.3350 level where a break will target the 1.3400 level. Further out, resistance comes in at the 1.3450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3500 level. All in all, USDCAD remains biased to the downside short term on corrective weakness.

 

[FXTechstrategy Team]

GBPUSD Looks To Overcome Key Support

GBPUSD: GBP will have to break and hold below its support located at the 1.5133 level to trigger further weakness. That level continues to hold as support for almost the whole week. Support comes in at 1.5100 level with a follow-through lower seeing it targeting more weakness towards the 1.5050 level. A break if seen will aim at the 1.5000 level followed with the 1.4950 level. Further down, support lies at the 1.4900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.5200 level with a turn above here allowing more strength to build up towards the 1.5250 level. Further out, resistance resides at the 1.5300 level and subsequently the 1.5350 level. On the whole, GBP faces the risk of further downside pressure.

 

[FXTechstrategy Team]

AUDUSD: Upside Price Rejection Leaves Risk Lower

AUDUSD: The pair rejected upside offensive to close marginally higher on a rejection candle on Thursday. It is now seen following through lower on bear pressure. On the downside, support resides at the 0.6950 level where a breach will aim at the 0.6900 level. Below that level will set the stage for a run at the 0.6850 level with a cut through here targeting further downside towards the 0.6800 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.7050 level. A cut through here will turn attention to the 0.7100 level and then the 0.7150 level where a violation will set the stage for a retarget of the 0.7200 level. On the whole, AUDUSD continues to retain its long term downside pressure.

 

[FXTechstrategy Team]

USDCHF Fails To Follow Through On Strength, Weakens

USDCHF: The pair failed to follow through higher on the back of its previous week strength to close lower on Friday. This leaves risk of more weakness on the cards in the new week. On the downside, support comes in at the 0.9644 level. A turn below here will open the door for more weakness to occur towards the 0.9600 level and then the 0.9600 level. A cut through here will open the door for More decline towards the 0.9550 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. But, on the upside, resistance lies at the 0.9815 level where a breach will target the 0.9850 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9900 level. All in all, the pair remains biased to the downside in the short term.

 

[prabhanshuraman]

GBPUSD Day Chart Analysis

If we see GBPUSD day chart, we can observe that day RSI is making +ve divergence along with stoch has triggered up. The only caution is MACD is not yet triggered and in -ve zone which makes any new long positions to trade with caution.
Coming to harmonic patterns, if the recent low of 1.5105 is saved, then we can see good upmove (targets of this long positions are given in chart).

All views are welcome....

 

[prabhanshuraman]

If we see GBPUSD day chart, we can observe that day RSI is making +ve divergence along with stoch has triggered up. The only caution is MACD is not yet triggered and in -ve zone which makes any new long positions to trade with caution.
Coming to harmonic patterns, if the recent low of 1.5105 is saved, then we can see good upmove (targets of this long positions are given in chart).

All views are welcome....

My apologies for posting above analysis...would avoid posting in this board, if you are not okay

 

[FXTechstrategy Team]

GBPJPY Faces Bear Threats But With Caution

GBPJPY: The cross may remain weak and vulnerable to the downside but could head higher while holding above the 180.22/33 support area. Bull pressure is envisaged above that zone. On the downside, support comes in at the 181.00 level where a violation will aim at the 180.00 level. A break below here will target the 179.00 level followed by the 178.00 level. Conversely, resistance is seen at the 183.00 level followed by the 184.00 level. A cut through will set the stage for a move further higher towards the 185.00 level where a break will aim at the 186.00 level. A cut through here will aim at the 187.00 level. All in all, the cross remains biased to the downside but may struggle.

 

[FXTechstrategy Team]

EURUSD: Vulnerable Below The 1.1295/1.1318 Zone

EURUSD: Having EUR taken back almost all of its past week gains to close slightly lower, risk of a follow through to the downside is now developing. While the 1.1295/80 zone holds as overhead resistance, we look for weakness to occur. Support lies at the 1.1150 level where a violation will aim at the 1.1086 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen at 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 1.1409 level. All in all, EUR remains biased to the downside in the short term.

 

[FXTechstrategy Team]

GBPUSD Sees Bear Threats, Targets The 1.5166/33 Zone

GBPUSD: GBP faces downside pressure following its rejection candle print on Friday. This was formed after unsustained rally and the pair looks to weaken further having given away most of its intra day gains during Monday trading session. It looks to take out the 1.5166/33 zone, its strong support. If this occurs, further weakness is likely towards the 1.5100 level. A break of here will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. Below here will set the stage for more weakness towards the 1.4950 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.5250 level with a turn above here allowing more strength to build up towards the 1.5300 level. Further out, resistance resides at the 1.5350 level followed by the 1.5400 level. On the whole, GBP faces the risk of further downside medium term

 

[FXTechstrategy Team]

EURJPY: Bear Pressure Builds Up On Price Failure

EURJPY: The cross closed on a rejection candle after a failed intra day attempts on the upside. We now look for EURJPY to decline further. This view remains valid as long as it holds and trades below the 135.71/136.33 zone. Resistance is seen at the 135.50 level where a break will turn attention to the 136.00 level. Further out, resistance lies at the 136.50 level where a break will aim at the 137.00 level. A turn above here will target the 137.50 level. On the downside, support resides at the 134.00 level. Further down, support resides at the 133.50 level where a break if seen will threaten further downside towards the 133.00. Further out, support comes in at the 132.50 level. All in all, the cross now faces downside risk on loss of upside momentum.

 

[FXTechstrategy Team]

EURUSD: Broader Outlook Lower Below The 1.1288/1.1318 Zone

EURUSD: With EUR taking back all of its intra day gains to close lower on Monday, further weakness is now envisaged. Despite its current price hesitation, its broader outlook remains lower as long as it holds below the 1.1288/1.1318 zone. On the downside, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will turn risk to the 1.1000 level with a move below that level targeting the 1.0950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at 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. All in all, EUR remains biased to the downside towards its key support.

 

[FXTechstrategy Team]

AUDUSD Recovers Higher, Sets Up To Extend Strength

AUDUSD: The pair rallied strongly on Tuesday leaving risk of more strength on the cards. This is coming on the back of its recent corrective recovery offensive triggered from the 0.6936 level, its Sept 29 2015 low. On the downside, support resides at the 0.7100 level where a breach will aim at the 0.7050 level. Below that level will set the stage for a run at the 0.7000 level with a cut through here targeting further downside towards the 0.6950 level. On the upside, resistance lies at the 0.7200 level. A cut through here will turn attention to the 0.7250 level and then the 0.7300 level where a violation will set the stage for a retarget of the 0.7350 level. On the whole, AUDUSD continues to retain its short term corrective recovery tone set from the 0.6936 level.

 

[FXTechstrategy Team]

GBPUSD Sees Further Bullish Offensive, Targets 1.5336 Region

GBPUSD: GBP extended its recovery during Wednesday trading session leaving risk of more strength to occur. However, watch out for its overhead resistance located at the 1.5336 zone. This level is significant on the weekly chart. Price hesitation ahead or at that level cannot be ruled out. The pair current bullish price action leaves risk higher towards the 1.5350 level. Further out, resistance resides at the 1.5400 level followed by the 1.5450 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 1.5250 level. A break of here will turn attention to the 1.5200 level. Further down, support lies at the 1.5150 level. Below here will set the stage for more weakness towards the 1.5100 level. On the whole, GBP faces the risk of further upside on correction.

 

[FXTechstrategy Team]

USDCHF Turns Down On Further Price Extension

USDCHF: The pair saw a follow-through lower the past week on the back of its previous week losses. This development leaves it weak and vulnerable to the downside in the new week. On further weakness its key support located at the 0.9527 level will be targeted. A move below that level will call for more downside pressure towards the 0.9459 level. Further down, support comes in at the 0.9400 level and then the 0.9350 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.9650 level with a breach targeting the 0.9700 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9800 level. All in all, the pair remains biased to the downside in the short term with eyes on the 0.9527 support level.