Daily Technical Strategy On Currencies & Commodities

[FXTechstrategy]

USDCHF: Halts Weakness, Threatens Recovery

USDCHF: With the pair weakening further on Thursday, more decline is likely. On the downside, support lies at the 0.9250 level. A turn below here will open the door for more weakness towards the 0.9200 level and then the 0.9150 level. On the upside, resistance resides at the 0.9300 level where a break will clear the way for more strength to occur towards the 0.9350 level. Further out, resistance comes in at the 0.9400 level. Above here if seen will turn attention to 0.9450. All in all, USDCHF faces further upside pressure on correction.

 

[FXTechstrategy]

EURUSD: Biased To The Upside But With Caution

EURUSD: With the pair retaining its bull pressure it remains biased to the upside medium term. But we may see a pullback in the new week. On the upside, resistance comes in at 1.2450 level with a cut through here opening the door for more upside towards the 1.2500 level. Further up, resistance lies at the 1.2550 level where a break will expose the 1.2600 level. Conversely, support lies at the 1.2350 level where a violation will aim at the 1.2200 level. A break of here will aim at the 1.2150 level. Below here will open the door for more weakness towards the 1.2100. All in all, EURUSD faces further bull threats but with caution of a pullback.

 

[FXTechstrategy]

GBPUSD: Vulnerable, Looks To Follow Through Lower

GBPUSD: The pair saw price weakness on Friday and now looks to follow through lower in the days ahead. Support lies at the 1.4050 level where a break will turn attention to the 1.4000 level. Further down, support lies at the 1.3950 level. Below here will set the stage for more weakness towards the 1.3900 level. Conversely, resistance stands at the 1.4150 levels with a turn above here allowing more strength to build up towards the 1.4200 level. Further out, resistance resides at the 1.4250 level followed by the 1.4300 level. On the whole, GBPUSD looks to correct lower.

 

[FXTechstrategy]

EURUSD: Bearish, Extends Weakness

EURUSD: With the pair retains weak and vulnerable to the downside on correction. On the upside, resistance comes in at 1.2400 level with a cut through here opening the door for more upside towards the 1.2450 level. Further up, resistance lies at the 1.2500 level where a break will expose the 1.2550 level. Conversely, support lies at the 1.2300 level where a violation will aim at the 1.2250 level. A break of here will aim at the 1.2200 level. Below here will open the door for more weakness towards the 1.2150. All in all, EURUSD faces further bear threats on correction.

 

[FXTechstrategy]

GBPUSD: Extends Weakness On Sell Off

GBPUSD: The pair weakened further on Wednesday opening the door for more declines. Support lies at the 1.3850 level where a break will turn attention to the 1.3800 level. Further down, support lies at the 1.3750 level. Below here will set the stage for more weakness towards the 1.3700 level. Conversely, resistance stands at the 1.3950 levels with a turn above here allowing more strength to build up towards the 1.4000 level. Further out, resistance resides at the 1.4050 level followed by the 1.4100 level. On the whole, GBPUSD looks to correct further lower in the days ahead.

 

[FXTechstrategy]

EURUSD: Consolidates But With Recovery Risk

EURUSD: With the pair seeing price hesitation the past week, a directional move is a challenge. On the upside, resistance comes in at 1.2350 level with a cut through here opening the door for more upside towards the 1.2400 level. Further up, resistance lies at the 1.2450 level where a break will expose the 1.2500 level. Conversely, support lies at the 1.2250 level where a violation will aim at the 1.2200 level. A break of here will aim at the 1.2150 level. Below here will open the door for more weakness towards the 1.2100. All in all, EURUSD faces further bear threats on correction.

 

[FXTechstrategy]

GBPUSD: Strengthens, Remains On The Offensive

GBPUSD: The pair followed through higher on the back of its Friday gain on Monday. Support lies at the 1.4000 level where a break will turn attention to the 1.3950 level. Further down, support lies at the 1.3900 level. Below here will set the stage for more weakness towards the 1.3850 level. Conversely, resistance stands at the 1.4100 levels with a turn above here allowing more strength to build up towards the 1.4150 level. Further out, resistance resides at the 1.4200 level followed by the 1.4250 level. On the whole, GBPUSD looks to correct further higher.

 

[FXTechstrategy]

GOLD: Tumbles Lower, Extends Weakness

GOLD: The commodity retains its downside short term as it sold off on Thurs leaving risk of more upside pressure. On the downside, support comes in at the 1,300.00 level where a break will turn attention to the 1,290.00 level. Further down, a cut through here will open the door for a move lower towards the 1,280.00 level. Below here if seen could trigger further downside pressure towards the 1,270.00 level. Conversely, resistance resides at the 1,310.00 level where a break will aim at the 1,320.00 level. A turn above there will expose the 1,330.00 level. Further out, resistance stands at the 1,340.00 level. All in all, GOLD looks to strengthen further.

 

[FXTechstrategy]

EURUSD: Looks To Recover Further Higher

EURUSD: With the pair seeing higher price close the past week, more strength is envisaged in the new week. On the upside, resistance comes in at 1.2350 level with a cut through here opening the door for more upside towards the 1.2400 level. Further up, resistance lies at the 1.2450 level where a break will expose the 1.2500 level. Conversely, support lies at the 1.2200 level where a violation will aim at the 1.2150 level. A break of here will aim at the 1.2100 level. Below here will open the door for more weakness towards the 1.2050. All in all, EURUSD faces further bull threats on correction.

 

[FXTechstrategy]

GOLD: Takes Back Gain, Sets Up To Weaken Further

GOLD: The commodity closed lower after backing off higher prices on Wednesday. On the downside, support comes in at the 1,330.00 level where a break will turn attention to the 1,320.00 level. Further down, a cut through here will open the door for a move lower towards the 1,310.00 level. Below here if seen could trigger further downside pressure targeting the 1,300.00 level. Conversely, resistance resides at the 1,340.00 level where a break will aim at the 1,350.00 level. A turn above there will expose the 1,360.00 level. Further out, resistance stands at the 1,370.00 level. All in all, GOLD looks to weaken further.

 

[FXTechstrategy]

EURUSD: Vulnerable On Correction

EURUSD: With the pair retaining its corrective pullback threats, more weakness is likely in the new week. On the upside, resistance comes in at 1.2350 level with a cut through here opening the door for more upside towards the 1.2400 level. Further up, resistance lies at the 1.2450 level where a break will expose the 1.2500 level. Conversely, support lies at the 1.2250 level where a violation will aim at the 1.2200 level. A break of here will aim at the 1.2150 level. Below here will open the door for more weakness towards the 1.2100. All in all, EURUSD faces further bear threats on correction.

 

[FXTechstrategy]

GBPUSD: Sees Price Follow Through Higher

GBPUSD: The pair continues to retain its upside pressure on recovery extending its Friday gain. Support lies at the 1.3850 level where a break will turn attention to the 1.3800 level. Further down, support lies at the 1.3750 level. Below here will set the stage for more weakness towards the 1.3700 level. Conversely, resistance stands at the 1.3950 levels with a turn above here allowing more strength to build up towards the 1.4000 level. Further out, resistance resides at the 1.4050 level followed by the 1.4100 level. On the whole, GBPUSD looks to follow through higher.

 

[FXTechstrategy]

USDJPY: Weakens, Threatens Price Extension

USDJPY: The pair looks to weaken further as more decline is expected in the days ahead. On the downside, support lies at the 105.50 level where a break if seen will aim at the 105.00 level. A cut through here will turn focus to the 104.50 level and possibly lower towards the 104.00 level. On the upside, resistance resides at the 106.50 level. Further out, we envisage a possible move towards the 107.00 level. Further out, resistance resides at the 107.50 level with a turn above here aiming at the 108.00 level. On the whole, USDJPY faces further downside pressure

 

[FXTechstrategy]

GBPUSD: Rallies On Bull Pressure

GBPUSD: The pair continues to retain its upside pressure rallying on Monday. Support lies at the 1.4000 level where a break will turn attention to the 1.3950 level. Further down, support lies at the 1.3900 level. Below here will set the stage for more weakness towards the 1.3850 level. Conversely, resistance stands at the 1.4100 levels with a turn above here allowing more strength to build up towards the 1.4150 level. Further out, resistance resides at the 1.4200 level followed by the 1.4250 level. On the whole, GBPUSD looks to follow through higher on its rally strength.

 

[FXTechstrategy]

EURGBP: Hesitates, Backs Off Lower Prices

EURGBP- The pair backed off lower prices during Thursday trading session. This has opened the door for more recovery higher. Support lies at the 0.8700 level where a violation will turn focus to the 0.8650 level. A break will expose the 0.8600 level. Conversely, resistance resides at the 0.8800 level where a violation if seen will turn risk towards the 0.8850 level. Further up, resistance resides at 0.8900 level followed by the 0.8950 level. All in all, EURGBP remains biased to the downside but with caution of a recovery.

 

[FXTechstrategy]

GBPUSD: Remains Vulnerable Below Key Resistance

GBPUSD: The pair turned lower on Thursday after failing to hold on to its intra day gain. It faces the risk of more weakness. Support lies at the 1.4050 level where a break will turn attention to the 1.4000 level. Further down, support lies at the 1.3950 level. Below here will set the stage for more weakness towards the 1.3900 level. Conversely, resistance stands at the 1.4150 levels with a turn above here allowing more strength to build up towards the 1.4200 level. Further out, resistance resides at the 1.4250 level followed by the 1.4300 level. On the whole, GBPUSD looks to follow through lower.

 

[FXTechstrategy]

USDCHF: Declines On Price Failure

USDCHF: With the pair backing off higher prices to close lower the past week, more weakness is likely. On the downside, support lies at the 0.9450 level. A turn below here will open the door for more weakness towards the 0.9400 level and then the 0.9350 level. On the upside, resistance resides at the 0.9500 level where a break will clear the way for more strength to occur towards the 0.9550 level. Further out, resistance comes in at the 0.9600 level. Above here if seen will turn attention to 0.9650. All in all, USDCHF faces further downside pressure.

 

[FXTechstrategy]

EURUSD: Faces Further Weakness

EURUSD: The pair looks to follow through higher on the back of past week gain. On the upside, resistance comes in at 1.2400 level with a cut through here opening the door for more upside towards the 1.2450 level. Further up, resistance lies at the 1.2500 level where a break will expose the 1.2550 level. Conversely, support lies at the 1.2300 level where a violation will aim at the 1.2250 level. A break of here will aim at the 1.2200 level. Below here will open the door for more weakness towards the 1.2150. All in all, EURUSD faces further recovery threats.

 

[FXTechstrategy]

CRUDE OIL: Recovers, Rejects Lower Prices

CRUDE OIL: The commodity turned higher off its intra day low on Thursday leaving risk of more strength on the cards. On the downside, support resides at the 64.50 level where a break will expose the 64.00 level. A cut through here will set the stage for a run at the 63.50 level. Further down, support resides at the 63.00 level. On the upside, resistance resides at the 65.50 level. Further out, resistance comes in at the 66.00 level. A break above here will aim at the 66.50 level and then the 67.00 level followed by the 67.50 level. All in all, CRUDE OIL remains biased to the downside on pullback but with caution.

 

[FXTechstrategy]

EURUSD: Continues To Retain Downside Pressure

EURUSD: The pair continues to hold on to its downside as it looks to extend its correction. On the upside, resistance comes in at 1.2350 level with a cut through here opening the door for more upside towards the 1.2400 level. Further up, resistance lies at the 1.2450 level where a break will expose the 1.2500 level. Conversely, support lies at the 1.2250 level where a violation will aim at the 1.2200 level. A break of here will aim at the 1.2150 level. Below here will open the door for more weakness towards the 1.2100. All in all, EURUSD faces further downside threats.