Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team]

EURUSD: Resumes Medium Term Uptrend.

EURUSD: With bullish upside triggered pushing EUR through the 1,3772 level, further strength is now envisaged. As long as it can trade and hold above the 1.3772 level, we look for price extension towards the 1.3850 level. Further out, resistance is located at the 1.3893 level, its Dec 27 2013 high. A turn above here will expose the 1.3950 level and next the 1.4000 level. Its daily RSI bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.3772 level where a reversal of roles is expected to turn the pair back up. However, if that fails expect more decline to occur towards the 1.3642 level , its psycho level with a breach of here paving the way for a run the downside the 1.3561 level, its Feb 12 2014 level. All in all, EUR remains biased to the upside having resumed its broader uptrend.

 

[FXTechstrategy Team]

USDCHF: Sees Further Bearish Momentum.

USDCHF: With continued weakness seeing USDCHF testing a low of 0.8776 before closing lower at the 0.8801 level on Friday, further decline remains intact. It requires a break and close below the 0.8798 level, its Dec 27 2013 low and the 0.8776 level, its past week low to decline further. Further down, support lies at the 0.8750 level with a cut through here paving the way for a run at the 0.8700 level, its big psycho level. Below here if seen will set the stage for more weakness towards the 0.8650 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to reduce its downside pressure it will have to return to the 0.8929 level followed by its resistance residing at the 0.9037 level. This if seen could force further upside towards 0.9081 levels followed by the 0.9156 level, its Jan 21 2014 high. Further out, resistance resides at the 0.9200 level, its psycho. All in all, the pair remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Retains Broader Upside Bias Despite Hesitation.

GBPUSD: Though seen hesitating, we still look for the pair to resume its bullish strength triggered off the 1.6583 level. Note that the fact that it has reversed most of intra day losses suggests that its broader upside bias remains intact and trend resumption is imminent. Immediate resistance resides at the 1.6768 level, its Feb 28 2014 high where a break will turn focus to the 1.6822 level and then the 1.6850 level, its psycho level. Further out, resistance stands at the 1.6900 level. Its daily RSI is bullish and pointing higher suggesting further upside. Conversely, support lies at the 1.6675 level, its Feb 28 2014 low where a cut through here will pave the way for a run at the 1.6600 level. Further down, support comes in at 1.6550 level where a break will aim at the 1.6500 level. Further down, support lies at the 1.6450 level and possibly lower towards the 1.6400 level. On the whole, GBP continues to retain its medium term upside.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Retains Broader Upside Bias Despite Hesitation.

GBPUSD: Though seen hesitating, we still look for the pair to resume its bullish strength triggered off the 1.6583 level. Note that the fact that it has reversed most of intra day losses suggests that its broader upside bias remains intact and trend resumption is imminent. Immediate resistance resides at the 1.6768 level, its Feb 28 2014 high where a break will turn focus to the 1.6822 level and then the 1.6850 level, its psycho level. Further out, resistance stands at the 1.6900 level. Its daily RSI is bullish and pointing higher suggesting further upside. Conversely, support lies at the 1.6675 level, its Feb 28 2014 low where a cut through here will pave the way for a run at the 1.6600 level. Further down, support comes in at 1.6550 level where a break will aim at the 1.6500 level. Further down, support lies at the 1.6450 level and possibly lower towards the 1.6400 level. On the whole, GBP continues to retain its medium term upside.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

EURUSD: Halts Decline, Recovers Higher.

EURUSD: With EUR halting its Monday losses and triggering a recovery, the challenge is for it to retake the 1.3772 level broken during Monday trading. If eventually this is seen, further gains could occur towards the 1.3824 level, its Feb 28 2014 high. Above here will pave the way for a run at the 1.3893 level, its Dec 27 2013 high. A turn above here will expose the 1.3950 level and next the 1.4000 level. On the downside, support lies at the 1.3720 level with a violation of here targeting the 1.3698 level, its Feb 28 2014 low where a break will turn focus to the 1.3642 level , its psycho level. A cut through here will aim at the 1.3561 level, its Feb 12 2014 level. All in all, EUR remains biased to the upside in the medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

USDJPY: Bull Pressure Builds Up

USDJPY: With the pair seen building on its Tuesday rally, further bullish offensive is expected towards the 102.82 level. A cut through here will pave the away for a run at the 103.43 level, its Jan 29 2014 high. Above here will set the stage for a push further higher towards the 104.oo level. Further out, resistance comes in at the 104.50 level and then the 105.00 level, its psycho level. Its daily RSI is bullish and pointing higher supporting this view. Support comes in at the 102.00 level, its psycho level. Further down, support stands at the 101.50 level followed by the 100.00 level with a cut through here opening the door for a run at the 99.50 level. A loss of that level will turn attention to the 99.00 level, its big psycho level. On the whole, USDJPY remains exposed to the upside on further strength

 

[FXTechstrategy Team]

USDCHF: Bearish, Eyes Further Downside With Caution

USDCHF: With USDCHF giving back its earlier gains for the week to close lower marginally lower the past week, more decline is likely in the week. This is with a lot of caution. Support comes in at the 0.8700 level, its psycho level. Below here will set the stage for further weakness towards the 0.8650 level. Further down, support is located at the 0.8600 level and then the 0.8568 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, resistance resides at the 0.8895 level where a break will clear the way for a run at the 0.8950 level. Further out, resistance resides at the 0.9050/81 levels followed by the 0.9100 level. All in all, the pair remains biased to the downside medium term.

 

[FXTechstrategy Team]

EURUSD: Maintains Bullish Tone

EURUSD: Having closed strongly higher for a fourth week in a row, further bullish offensive is likely. As long as it can trade and hold above the 1.3824 level, we look for the pair to strengthen further towards the 1.3914 level where a violation will turn attention to the 1.3950 level and then the 1.4000 level, its psycho level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3824 level where a break will expose the 1.3772 level. Further down, support lies at the 1.3685 level followed by the 1.3600 level and then the 1.3561 level. All in all, EUR remains biased to the upside on further recovery.

 

[FXTechstrategy Team]

EURUSD: Bullish, Resumes Long Term Uptrend.

EURUSD: With EUR following through higher on the back of its Wednesday gains, further strength is likely. Resistance resides at the 1.4000 level where we may see the bears come in and push the pair lower. However, if this fails to occur, further strength could build up towards the 1.4050 level, its psycho level. Further out, resistance lies at the 1.4100 level. Its daily RSI is bullish and pointing higher supporting this view. On pullbacks, support comes in at the 1.3914 level where a reversal of roles as support is likely. Further down, support stands at the 1.3824 level where a break will expose the 1.3772 level. Additionally, support lies at the 1.3685 level followed by the 1.3600 level and then the 1.3561 level. All in all, EUR remains biased to the upside long term.

 

[FXTechstrategy Team]

USDCHF: Bearish, Sees Further Weakness.

USDCHF: With the pair extending its weakness the past week, further downside is expected in the new week. However, it may begin to look for corrective recovery since the mentioned weakness is overextended. On the other hand, support comes in at the 0,8698 level with a break and hold below here resuming its medium term downtrend towards the 0.8650 level. Further down, support is located at the 0.8600 level and then the 0.8568 level and then the 0.8500 level. On the upside, resistance resides at the 0.8804 level. Further out, resistance resides at the 0.8895 level where a break will clear the way for a run at the 0.8950 level. On a break of here, resistance stands at the 0.9050/81 levels followed by the 0.9100 level. All in all, the pair remains biased to the downside medium term but faces recovery risk.

 

[FXTechstrategy Team]

AUDUSD: Rallies, Pressure Builds On The 0.9102 Level

AUDUSD: With the pair rallying, the risk is for more strength to occur towards the 0.9102 level, its Mar 13 2014 high. A break and hold above here will turn focus to the 0.9132 level, representing its Mar 07 2014 high. Further out, resistance resides at the 0.9200 level, its psycho level. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, in case of a pullback, support lies at the 0.9049 level where a break if seen will aim at the 0.9000 level, its big psycho level. Further down, support comes in at the 0.8923 level, its Mar 12 2014 low where a breach will expose the 0.8900 level. All in all, the pair remains biased to the upside on further bull risks.

 

[FXTechstrategy Team]

GBPUSD: Bear Threats Seen

GBPUSD: Bear Threats Seen

GBPUSD: With GBP remaining weak and vulnerable to the downside, further weakness is likely. Support lies at the 1.6567 level with a break turning focus to the downside towards the 1.6500 level, its psycho level. A cut through here will pave the way for a run at the 1.6450 level. Further down, support comes in at 1.6400 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.6718 level where a breach if seen will set the stage for a run at the 1.6785 level. Further out, resistance comes in at the 1.6822 level with a turn above here opening the door for a run at the 1.6850 level and then the 1.6900 level. On the whole, GBP continues to retain its downside vulnerability.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

EURUSD: Declines, Follow Through Lower

EURUSD: With EUR extending its sell off during Thursday trading session today, further weakness is expected in the days ahead. On the downside, support lies at the 1.3700 level and then the 1.3631 level. Below here will aim at the 1.3561 level. Further down, support comes in at the 1.3500 level. Its daily RSI is bearish and pointing lower suggesting further downside. On the other hand, if recovery occurs, resistance resides at the 1.3844 level and then the 1.3900 level, its psycho level followed by the 1.3966 level, its Mar 13 2014 high. A cut through there will pave the way for a run at the 1.4000 level, its big psycho level. We expect bears to come in here and turn it lower but if eventually violated further upside is likely. Other resistance levels are seen at the 1.4050 and the 1.4100 level. All in all, EUR remains biased to the downside shorter term

 

[FXTechstrategy Team]

EURUSD: Closes Lower On Sell Off.

EURUSD: With EUR triggering weakness the past week to close lower at the end of the week, further decline is likely. However, we are watching out for signs of corrective recovery in the new week. Support lies at the 1.3749 level. Further down, support comes in at the 1.3685 level where a violation will target the 1.3600 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on recovery higher, the pair will aim at the 1.3844 level. Further out, resistance resides at the 1.3900 level where a violation will aim at the 1.3966 level followed by the 1.4000 level. All in all, EUR remains biased to the upside on further recovery.

 

[FXTechstrategy Team]

Technical Focus On AUDUSD

AUDUSD Threatens The 0.9132/5 Levels

AUDUSD: With AUDUSD following through higher on the back of its Friday gains, the challenge is for it to break and hold above the 0.9132/5 levels. That zone has held on many occasions and it will be difficult for the pair to break but if that occurs, further strength should build up towards the 0.9166 level. Further out, resistance comes in at the 0.9200 level, its psycho level. A cut through here if seen will aim at the 0.9236 level its 200 ema and subsequently the 0.9300 level. Its daily RSI is bullish and pointing higher supporting this view. On pullbacks, support lies at the 0.9048 level followed by the 0.8994 level, its Mar 20 2014 low. A breach will expose the 0.8950 level and then the 0.8906 level. Further down, support comes in at the 0.8850 level. All in all, the pair remains biased to the upside on bull risks but vulnerable on correction.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Consolidates, Looks For A Bottom

GBPUSD: GBP continues to look for a bottom to signal a correction. If this occurs, further upside should build up towards the 1.6589 level where a breach if seen will set the stage for a run at the 1.6653 level. Further out, resistance comes in at the 1.6718 level with a turn above here opening the door for a run at the 1.6785 level and then the 1.6822 level. On the other hand, support lies at the 1.6425 level with a break turning focus to the downside towards the 1.6350 level, its psycho level. A cut through here will pave the way for a run at the 1.6300 level and then the 1.6250 level. On the whole, GBP continues to retain its downside vulnerability but recovery risks are envisaged.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Consolidates, Looks For A Bottom

GBPUSD: GBP continues to look for a bottom to signal a correction. If this occurs, further upside should build up towards the 1.6589 level where a breach if seen will set the stage for a run at the 1.6653 level. Further out, resistance comes in at the 1.6718 level with a turn above here opening the door for a run at the 1.6785 level and then the 1.6822 level. On the other hand, support lies at the 1.6425 level with a break turning focus to the downside towards the 1.6350 level, its psycho level. A cut through here will pave the way for a run at the 1.6300 level and then the 1.6250 level. On the whole, GBP continues to retain its downside vulnerability but recovery risks are envisaged.

 

[FXTechstrategy Team]

USDJPY: Looks For Directional Trigger

USDJPY: The pair remains trapped in a range as it looks to create directional moves. This development leaves it vulnerable to the downside possibly towards the 101.27 level. Below here will expose the 100.75 level with a violation aiming at the 100.00 level and subsequently the 99.50 level. Its daily RSI is bearish and pointing lower suggesting further decline. On the upside, resistance resides at the 102.62 level. A cut through here will aim at the 103.00 level and then the 103.50 level, its psycho level. On the whole, USDJPY faces downside pressure on correction.

 

[FXTechstrategy Team]

EURGBP – Bearish, Extends Sell Off

EURGBP- With a third day of decline now underway, the cross looks to weaken further in the days ahead. Support lies at the 0.8250 level where a break will expose the 0.8230 level. Further down, support resides at the 0.8200 level where a break will pave the way for a run at the 0.8157 level, its Feb 17 2014 low. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.8300 level where a break will pave the way for a run at the 0.8350 level. A cut through here set the stage for a move higher towards the 0.8399 level. Further out, resistance comes in at the 0.8450 level and then the 0.8500 level. All in all, the cross remains biased to the downside on bearishness.

 

[FXTechstrategy Team]

USDCHF: Maintains Recovery Tone But With Caution.

USDCHF: While USDCHF may have closed higher for a second week in a row, it ended the week with a rejection candle on the daily chart suggesting price exhaustion has set in. Except it recaptures the 0.8898 level, it faces the risk of a corrective weakness in the new week. In such a case, support lies at the 0.8786 level where a break will set the stage for a run at the 0.8698 level. If it violates this level it will resume its medium term downtrend presently on hold. Further down, support comes in at the 0.8650 level and then the 0.8600 level. On the other hand, the pair will have to break and hold above the 0.8786 level to create scope for additional strength towards the 0.8829 level where a break will pave the way for a run at the 0.8900 level. Above here if seen will aim at the 0.8950 level and subsequently the 0.9000 level. All in all, the pair remains biased to the downside in the medium term though recovering