GBPJPY: Price Weakness Seen On Loss Upside Momentum
GBPJPY: With price weakness seen on loss upside momentum, further bear pressure is envisaged in the days ahead. This view remains valid as long as GBPJPY trades and holds below the 185.38/186.34 resistance zone. On the downside, support comes in at the 184.00 level where a violation will aim at the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance is seen at the 185.00 level followed by the 186.00 level. A cut through that level will set the stage for a move further higher towards the 187.00 level. Further out, resistance resides at the 188.00 level. All in all, with price weakness seen on loss upside momentum, GBPJPY faces further downside pressure.
GOLD: With the commodity continuing to hold on to its downside bias, GOLD remains weak and declining on bear pressure with eyes the 1058.00 zone. On the downside, support comes in at the 1050.00 level where a break will turn attention to the 1040.00 level. Further down, a cut through here will open the door for a move lower towards the 1030.00 level. Below here if seen could trigger further downside pressure targeting the 1020.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1080.00 level where a break will aim at the 1095.00 level. A turn above there will expose the 1105.00 level. Further out, resistance stands at the 11150.00 level. All in all, GOLD remains weak and declining on bear pressure with eyes the 1058.00 zone
USDCAD: Having continued to retain its bull pressure, USDCAD looks to build up on its bull strength. It continues to maintain its upside risk closing higher on Thursday and following during Friday trading session. On the upside, resistance resides at the 1.3700 level where a break will target the 1.3750 level. Further out, resistance comes in at the 1.3800 level where price hesitation may occur. But if further recovery is seen, the pair could strengthen further towards the 1.3850 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.3600 level followed by the 1.3550 level. Further down, support stands at the 1.3500 level and then the 1.3450 level. All in all, USDCAD Looks To Build Up On Its Bull Strength with eyes on the 1.3700 level.
USDCHF: Having USDCHF weakened for second week in a row, it now looks to extend that weakness in the new week. The present bearishness is coming on the back of its downside pressure triggered from the 1.0319 level on Nov 30th 2015. On the downside, support lies at the 0.9750 level. A turn below here will open the door for more decline to occur towards the 1.9700 level and then the 0.9650 level. Further down, support resides at the 0.9700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9900 level where a break will clear the way for more strength to occur towards the 0.9950 level. Further out, resistance comes in at the 1.0000 level. All in all, USDCHF weakened for second week in a row leaving risk of more decline on the cards.
EURUSD: Having followed through higher the past week, EURUSD retains its bullish bias but with caution. However, the immediate risk is the resistance located at the 1.1086/96 zone. While that region caps, we are likely to see pullback early in the week. On the upside, resistance is comes at 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. Its weekly RSI is bullish and pointing higher supporting this view. Support is located at the 1.0900 level and if violated, expect more weakness to occur towards the 1.0850 level. Further down, 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. All in all, EURUSD retains its bullish bias but with caution of a pullback risk.
EURGBP Eyes Corrective Pullback Towards Its Key Support at 0.7163
EURGBP- With the cross capping its gains to close marginally higher the past week, EURGBP looks to correct lower towards its key support at 0.7163 level. Support comes in at 0.7170 level. Further down, support lies at the 0.7140 level where a violation will turn focus to the 0.7100 level. A break will expose the 0.7060 level. Its daily RSI has turned lower suggesting further weakness. On the upside, resistance lies at the 0.7260 level where a violation if seen will turn risk towards the 0.7300 level. On further upside, the 0.7340 level comes in as the next upside target followed by the 0.7380 level. All in all, EURGBP looks to correct lower towards key support at 0.7163 level
USDCHF: Having halted its weakness to close higher the past week, USDCHF looks for more strength on recovery. This is coming on the back of its price halt at 0.9786 level on Dec 14 2015. A build up on that strength should call for a run at 0.9990 level where a break will set the stage for more gain towards the 1.0050 level. Further, resistance resides at the 1.0100 level and subsequently the 1.0150 level. Its weekly RSI has turned higher supporting this view. On the downside, support lies at the 0.9850 level with a turn below here opening the door for more weakness towards the 1.9800 level and then the 0.9750 level. Further down, support resides at the 0.9700 level. All in all, having halted its weakness to close higher the past week, USDCHF looks for more strength on recovery in the new week.
EURUSD: Except the pair sees a reversal of its past week losses, EURUSD remains bearish below 1.1059 zone, representing its Dec 15 2015 low. On the down, support is located at the 1.0800 level and if violated, expect more weakness to occur towards the 1.0750 level. Further down, 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. On the upside, resistance is comes at 1.0900 level with a cut through here opening the door for more upside towards the 1.0950 level. Further up, resistance lies at the 1.1000 level where a break will expose the 1.1050 level. All in all, EURUSD remains bearish below 1.1059 zone, representing its Dec 15 2015 low.
GBPUSD: Having remained weak and vulnerable to the downside, GBPUSD continues to retain its bearish bias. Despite its present price hesitation, we look for the pair to extend its past week losses in the new week. Support lies at the 1.4800 level where a break will turn attention to the 1.4750 level. Further down, support lies at the 1.4700 level. Below here will set the stage for more weakness towards the 1.4670 level. On the upside, resistance stands at the 1.5000 levels with a turn above here allowing more strength to build up towards the 1.5150 level. Further out, resistance resides at the 1.5200 level followed by the 1.5350 level. On the whole, GBPUSD continues to retain its bearish bias as it looks to extend its downside pressure.
USDJPY Looks To Recover Higher On Price Correction
USDJPY: Having put in a temporary bottom at the end of Monday trading session, USDJPY looks to recover higher on price correction. This corrective view remains valid as long as the 120.33 support zone remains unbroken. On the upside, resistance resides at the 122.50 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 123.00 level. Further out, resistance resides at the 123.50 level with a turn above here aiming at the 124.00 level. On the downside, support comes in at the 121.50 level where a break if seen will aim at the 121.00 level. A cut through here will turn focus to the 120.50 level and possibly lower towards the 120.00 level. On the whole, USDJPY looks to recover higher on price correction having halted its weakness on Monday.
GBPJPY: Having continued to maintain its broader weakness, GBPJPY faces downside pressure medium term. This view remains valid while the cross trades and holds below its key resistance zone at 183.36. 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. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at the 181.00 level followed by the 182.00 level. A cut through that level will set the stage for a move further higher towards the 183.00 level. Further out, resistance resides at the 184.00 level. All in all, GBPJPY faces downside pressure medium term below the 183.36 resistance zone.
EURJPY Eyes Further Bear Pressure On Price Failure
EURJPY: Having turned back lower following a reversal of its intra day gains during Wednesday trading session, EURJPY eyes further bear pressure. This view remains valid as long as the cross trades and holds below the 132.79/99 zone. Resistance resides at the 132.50 level with a break above that level paving way for strength to develop towards the 133.00 level. Above here will aim at the 133.50 level. Further out, a turn above here will shift attention to the 134.00 level with a breach turning focus to the 134.50 level. Conversely, support comes in at the 131.50 level. Further down, support stands at the 131.00 level where a violation will aim at the 130.50 level. All in all, EURJPY eyes further bear pressure while holding below the 132.79/99 zone.
GBPUSD Faces Further Upside Pressure On Price Bounce
GBPUSD: Having followed through higher on the back of its Wednesday recovery gains, GBPUSD faces further upside pressure. Support lies at the 1.4850 level where a break will turn attention to the 1.4800 level. Further down, support lies at the 1.4750 level. Below here will set the stage for more weakness towards the 1.4700 level. Conversely, resistance stands at the 1.4950 levels with a turn above here allowing more strength to build up towards the 1.5000 level. Further out, resistance resides at the 1.5050 level followed by the 1.5100 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, as GBPUSD faces further upside pressure, the 1.5000 level comes in as the key resistance level.
GBPUSD: Having remained weak and vulnerable to the downside, GBPUSD faces medium term downside pressure. Despite its flat close the past week, we think downside risk is not over yet. This is coming on the back of its loss of upside momentum on Friday (see daily chart). Support lies at the 1.4850 level where a break will turn attention to the 1.4800 level. Further down, support lies at the 1.4750 level. Below here will set the stage for more weakness towards the 1.4700 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.4950 levels with a turn above here allowing more strength to build up towards the 1.5000 level. Further out, resistance resides at the 1.5050 level followed by the 1.5100 level. On the whole, GBPUSD faces medium term downside pressure though closing on a rejection candle the past week.
EURUSD Faces Price Consolidation Risk In The New Week
EURUSD: Having taken back almost all of its previous week losses to close higher on Friday, EURUSD faces price consolidation risk in the new week. This development if triggered could see trade between the 1.1466 and the 1.0818 range. On the downside, support resides at the 1.0900 zone. A cut through here will open the door for more upside towards the 1.0850 level. Further down, support lies at the 1.0800 level where a break will expose the 1.0750 level. On the upside, resistance lies at the 1.1000 levels where a violation if seen will aim at the 1.1050 level. A break of here will aim at the 1.1100 level with a turn above that level targeting the 1.1150 level. All in all, , EURUSD faces price consolidation risk in the new week with directional moves on hold.
GBPUSD Faces Downside Pressure On Recovery Failure
GBPUSD: Having failed to follow through higher on the back of its Friday strength on Monday, GBPUSD faces downside pressure on recovery failure. While the 1.4949/44 zone caps any strength, we look for the pair to weaken. Support lies at the 1.4850 level where a break will turn attention to the 1.4800 level. Further down, support lies at the 1.4750 level. Below here will set the stage for more weakness towards the 1.4700 level. Conversely, resistance stands at the 1.4950 levels with a turn above here allowing more strength to build up towards the 1.5000 level. Further out, resistance resides at the 1.5050 level with a cut through that level paving the way for a move higher towards the 1.5100 level. On the whole, GBPUSD faces downside pressure on recovery failure with eyes on 1.4904 zone.
GOLD: Having sold off on Wednesday to close lower, GOLD targets its key support on bear pressure. This development now leaves it aiming at its key support zone at the 1046/47.00. While it trades and holds below the 1085/88 zone, its broader bias remains lower. On the downside, support comes in at the 1050.00 level where a break will turn attention to the 1040.00 level. Further down, a cut through here will open the door for a move lower towards the 1030.00 level. Below here if seen could trigger further downside pressure targeting the 1020.00 level. Conversely, resistance resides at the 1075.00 level where a break will aim at the 1088.00 level. A turn above there will expose the 1098.00 level. Further out, resistance stands at the 1110.00 level. All in all, GOLD targets its key support on bear pressure with eyes on the 1046/47.00 zone.
GBPJPY Faces Downside Pressure On Continued Bearishness
GBPJPY: Having continued to maintain its broader weakness, GBPJPY faces downside pressure on continued bearishness. This view remains valid as long as the cross trades holds below its key resistance zone at 180.22/82. On the downside, support comes in at the 176.00 level where a violation will aim at the 175.00 level. A break below here will target the 174.00 level followed by the 173.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at the 178.00 level followed by the 179.00 level. A cut through that level will set the stage for a move further higher towards the 180.00 level. Further out, resistance resides at the 181.00 level. All in all, GBPJPY faces downside pressure on continued bearishness while holding the 180.22/82 resistance zone.
USDCHF Rallied On Bullish Offensive With Eyes On 1.0100
USDCHF: Having USDCHF rallied on bullish offensive the past week to reverse its previous week losses, it eyes further strength in the new week. On the downside, support lies at the 0.9950 level. A turn below here will open the door for more weakness towards the 1.9900 level and then the 0.9850 level. Further down, support resides at the 0.9800 level. On the upside, resistance resides at the 1.0050 level where a break will clear the way for more strength to occur towards the 1.0100 level. Further out, resistance comes in at the 1.0150 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF continues to hold on to its short term recovery bias with eyes on the 1.0100.
EURUSD: With a reversal of almost all of its previous week seen the past week, EURUSD bear pressure builds up on 1.0795 level. On the down, support is located at the 1.0795 level and if violated, expect more weakness to happen towards the 1.0750 level. Further down, 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. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. On the upside, resistance is comes at 1.0900 level with a cut through here opening the door for more upside towards the 1.0950 level. Further up, resistance lies at the 1.1000 level where a break will expose the 1.1050 level. All in all, EURUSD bear pressure builds up on 1.0795 level, its Dec 07 2015 low.
