Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Vulnerable, Fails To Build On Strength

USDCHF: The pair remains vulnerable to the downsides after failing to build on its previous week gains at the end of the week. This development now leaves it targeting the 0.8742 level where a break will turn focus to the 0.8700 level. A cut through here will set the stage for a run at the 0.8650 level and subsequently the 0.8600 level. If it violates this level it will resume its medium term downtrend. On the upside, resistance resides at the 0.8900 level. Further out, resistance resides at the 0.8952 level. This level if broken will aim at the 0.8900 level with a close above here aiming at the 0.9000 level and next the 0.9050 level. All in all, the pair remains biased to the downside in the medium term

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Still Faces Bear Threats.

EURUSD: Our bias on EUR continues to point lower. This is coming on the back of its failure to break and hold above the 1.3864 level. Support lies at the 1.3779 level where a break will aim at the 1.3737 level followed by the 1.3676 level. Further down, support stands at the 1.3600 level where a violation will target the 1.3550 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, medium term outlook on EUR remains higher but will have to recapture the 1.3966 level to annul its present bear pressure. Further out, resistance resides at the 1.4000 level, its big psycho level. All in all, EUR remains biased to the upside in the long term but faces corrective weakness threats.

 

[FXTechstrategy Team]

cCommodity Technical Outlook On GOLD

GOLD: With the commodity closing on a rejection candle the past week, we look for price correction in the new week. On the upside, resistance is seen at the 1,318.30 level where a violation will aim at the 1,331 level. Above here if seen will trigger further gains towards the 1,359.00 level followed by the 1,380.00 level. Further out, resistance comes in at the 1,400.00 level. Its weekly RSI has turned higher supporting this view. Conversely, support comes in at the 1,277.58 level with a turn below here targeting the 1,250.00 level followed by the 1,230.00 level. All in all, GOLD remains biased to the upside in the short term

 

[FXTechstrategy Team]

Special Focus on EURGBP

EURGBP- With the cross halting its decline to close marginally higher the past week, further upside is envisaged in the new week. Having taken back its intra day losses during Monday trading, the risk is for a follow through higher to occur. Resistance lies at the 0.8250 level where a breach will set the stage for a run at the 0.8350 level and then the 0.8400 level. Further out, resistance resides at the 0.8284 level and then the 0.8400 level. On the downside, support comes in at the 0.8200 level where a violation will turn attention to the 0.8157 level. Further downside support comes in at the 0.8100 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, All in all, the cross remains biased to the downside short term.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Bullish, Extends Recovery

USDJPY: With USDJPY strengthening for a second day in a row today, further bullishness is envisaged. However, it requires a convincing break and hold above the 102.72 level to create scope for more upside. Resistance comes in at the 103.00 level where a breach will turn focus to the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level. On the other hand, support stands at the 102.00 level where a break if seen will aim at the 101.50 followed by the 101.00 and then the 100.75 level. Further down, support stands at the 100.00 level followed by the 99.00 level. On the whole, USDJPY remains exposed to the upside on corrective recovery risk.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Can GBP Break Above The 1.3857/77 Levels?

GBPUSD: Although closing marginally higher on Tuesday and struggling to strengthen further, downside threat remains while holding below the 1.6857/77 levels. The big question is can GBP break and hold above that zone. It is tough to break with poor price action on the upside but if it does break that area expect a run at the 1.6900 level to occur. A violation will target the 1.6950 level and then its big psycho level at the 1.7000 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.6762 level where a break will turn focus to the 1.6719 level where a violation will aim at the 1.6683 level. A cut through here if seen will allow further downside towards the 1.6600 level. On the whole, GBP continues to retain its upside bias but faces pullback risks.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPJPY

GBPJPY – With the cross reversing its Wednesday losses on Thursday to close higher, further upside is now envisaged. In such a case, resistance comes in at the 173.13 level where a break will open the door for additional gains towards the 174.00 level. Further out, resistance stands at the 174.84 level and then the 175.50 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support is located at the 171.93 level where a break will aim at the 170.00 level followed by the 169.49 level. A cut through here if seen will target the 168.63 level and then the 168.00 level. All in all, the cross remains biased to the upside in the long term.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Weakens, Targets Further Downside

USDCHF: With USDCHF closing lower the past week and continuing to trade below its falling trendline, it faces further downside bias. On the downside, support lies at the 0.8742 level where a break will turn focus to the 0.8698 level. A cut through here will set the stage for a run at the 0.8650 level and subsequently the 0.8600 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, recovery if triggered will target the 0.8861 level where a break will aim at the 0.8900 level. Further out, resistance comes in at the 0.8952 level. This level if broken will aim at the 0.8900 level with a close above here aiming at the 0.9000 level. All in all, the pair remains biased to the downside in the medium term

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Bear Threats Not Yet Over.

EURUSD: Our bias on EUR continues to point lower while holding below the 1.3905 level. Though closing marginally higher the past week, except it returns above the mentioned level, the risk remains lower. Support lies at the 1.3779 level where a break will aim at the 1.3737 level followed by the 1.3676 level. Further down, support stands at the 1.3600 level where a violation will target the 1.3550 level. Conversely, medium term outlook on EUR remains higher but it will have to recapture the 1.3905 level and 1.3966 level to resume that uptrend. Further out, resistance resides at the 1.4000 level, its big psycho level. All in all, EUR remains biased to the upside in the long term but faces corrective weakness threats.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Declines, Looks To Weaken Further.

USDJPY: With USDJPY following through lower on the back of its Friday losses, it now looks for more downside pressure in the days ahead. Support lies at the 101.50 level where a break if seen will aim at the 101.00 followed by the 100.50 and then the 100.00 level. Further down, support stands at the 99.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 102.77.00 level where a breach will turn focus to the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level. On the whole, USDJPY remains exposed to the downside.

 

[FXTechstrategy Team]

Special Focus On USDCAD

USDCAD: Rolls Over, Eyes The 1.0857 Level.

USDCAD: With the pair selling off strongly during Tuesday trading session, further weakness is now envisaged in the days ahead. Support lies at the 1.0857 level with a break if seen targeting the 1.0800 level followed by the 1.0750 level. Below here will create scope for further downside towards the 1.0700 level where a breach will push it lower towards the 1.0650 level and then the 1.0600 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.0935 level where a reversal of roles as support is likely to occur and turn it lower. However, if broken further strength should build up towards the 1.1000 level. A violation will open the door for more upside towards the 1.1069 level and subsequently the 1.1100 level.. All in all, USDCAD faces further downside pressure.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

EURUSD: Bullish But Faces Strong Overhead Resistance

EURUSD: EUR rallied to close higher on Tuesday but faces key over head resistance. We are wary of the 1.3966/1.4000 levels. We think the pair might not sustain a break above those levels if seen. In case this occurs expect further upside to happen towards the 1.4050 level and then the 1.4100 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 1.3900 level where a break will aim at the 1.3871 level. Further down, support comes in at the 1.3800 level where we may see a respite. But if breached it will target the 1.3737 level followed by the 1.3676 level. All in all, EUR remains biased to the upside in the long term but faces corrective pullback risk.

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Remains Weak And Vulnerable.

GOLD: While GOLD may still be biased to the upside above the 1,273.80/1,268.39 levels, it continues to face downside risk. This leaves the commodity vulnerable to the downside towards the 1,273.80 level where a breach will set the stage for a run at the 1,268.39 level. Further down, a turn below the mentioned support will target the 1,250.00 level followed by the 1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance comes in at the 1,299.40 level where a break if seen will set the stage for a run at the 1,315.48 level. A violation will aim at the 1,331.36 level with a cut through here turning attention to the 1,342.00 level followed by the 1,388.00 level. A close above here will open the door for the resumption of its long term upside towards the 1,400.00 level. All in all, GOLD remains biased to the downside short term.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Bearish, Looks To Weaken Further

EURUSD: Having weakened to close lower the past week, further downside pressure is likely in the days ahead. However, do not under estimate the power correction following its past week decline. Support lies at the 1.3700 level where a break will aim at the 1.3676 level followed by the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, if recovery is triggered, further gains could build up towards the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3966 level. Further out, resistance resides at the 1.4000 level, its big psycho level. All in all, EUR remains biased to the upside in the long term but faces Bearishness in the short term

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Faces Bear Threats.

GOLD: With GOLD closing lower the past week, further downside pressure is likely. This leaves the commodity vulnerable to the downside towards the 1,273.80 level where a breach will set the stage for a run at the 1,268.39 level. Further down, a turn below the mentioned support will target the 1,250.00 level followed by the 1,230.00 level. Conversely, resistance comes in at the 1,299.40 level where a break if seen will set the stage for a run at the 1,315.48 level. A violation will aim at the 1,331.36 level with a cut through here turning attention to the 1,342.00 level followed by the 1,388.00 level. A close above here will open the door for the resumption of its long term upside towards the 1,400.00 level. All in all, GOLD remains biased to the downside short term.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDCAD

USDCAD: With USDCAD still maintaining its downside bias (weekly chart), its broader bias remains lower. However, recovery cannot be ruled out following its Friday rally. On the upside, on a follow through higher resistance stands at the 1.0950 level followed by the 1.1000 level and then the 1.1069 level. A cut through here will turn focus to the 1.1100 level and then the 1.1277 level Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.0813 level where a break will aim at the 1.0750 level and then the 1.0700 level. Further down, support is located at the 1.0650 level where a break if seen will pave the way for a run at the 1.0600 level. All in all, USDCAD faces further downside pressure though recovering.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: With USDJPY triggering a recovery higher on Monday and following through higher in today’s trading session, further build up on that gain is likely. On the upside, resistance resides at the 102.77.00 level where a breach will turn focus to the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level. Support comes in at the 101.95 level where a break if seen will aim at the 101.50 followed by the 101.00 and then the 100.75 level. Further down, support stands at the 100.00 level. Its weekly RSI is bearish and pointing lower supporting this view. On the whole, USDJPY remains exposed to the upside on correction

 

[FXTechstrategy Team]

Daily Technical Strategist On AUDUSD

AUDUSD: Bullish, Targets The 0.9460 Level.

AUDUSD: The pair has resumed its short term uptrend breaking the 0.9393 level and paving the way for more upside. Resistance resides at the 0.9460 level. Further out, resistance is located at the 0.9500 level with a cut through here resuming its broader uptrend towards the 0.9550 level. Conversely, support comes in at the 0.9350 level where a violation will set the stage for retarget of the 0.9300 level. Further down, support comes in at the 0.9200 level, its psycho level where a halt may occur but if violated expect further weakness towards the 0.9150 level. All in all, the pair remains biased to the upside but faces bear threats

 

[FXTechstrategy Team]

CRUDE OIL: Loses Upside Steam, Eyes Downside Pressure.

CRUDE OIL: With Crude Oil’s strength cut short at the 102.64 during Wednesday trading, its faces downside risk in the days ahead. On the downside, support lies at the 101.15 level where a violation will turn focus to the 100.00 level. A cut through here will pave the way for a run at the 99.00 level where a breach will aim at the 98.00 level. Further down, support comes in at the 97.00 level with a push below that level exposing the 96.00 level. On the upside, resistance resides at the 102.64 level. A break will aim at the 102.94 level followed by the 103.00 level and then the 104.98 level. We may see a price halt here but if taken out, resistance is seen at the 105.21 level, its Feb 2014 high. All in all, Crude Oil remains biased to the upside but faces corrective weakness threats

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

EURUSD: Bearish, Extends Weakness

EURUSD: EUR reversed its one-day gain during Thursday trading session selling off further and opening the door for weakness. Support lies at the 1.3600 level where a break will aim at the 1.3561 level, its Feb 12 2014 low. Further down, support stands at the 1.3500 level where a violation will target the 1.3450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, if recovery is triggered, gains could build up towards the 1.3730 level, its May 14’2014 high. Further out, resistance resides at the 1.3800 level and then the 1.3839 level with a breach targeting the 1.3905 level and 1.3966 level. All in all, EUR remains biased to the downside in the medium term