Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Bearish, Eyes Further Downside

USDCHF: Having closed lower on a rejection candle following a loss of upside momentum the past week, it faces downside pressure in the days ahead. Immediate support comes in at the 0.8896 level where a violation will target the 0.8850 level. Further down, support lies at the 0.8800 level and then the 0.9742 level. A cut through here will set the stage for a run at the 0.8700 level. Conversely, resistance resides at the 0.8986 level where a break will retarget the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level. A close above here will pave the way for a run at the 0.9150 level. All in all, the pair remains biased to the downside in the short term.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Corrective Recovery Higher Expected

EURUSD: With EUR remaining biased to the upside following a reversal of almost all of its gains to close marginally higher last week, the risk is for gains to occur in the new week. If this continues, expect further upside towards the 1.3700 level where a break will aim at the 1.3774 level. A break will set the stage for a run at the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3900 level. On the other hand, support lies at the 1.3685 level, its May 2014 low. A breach of here will resume its broader downtrend and aim at the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level. All in all, EUR remains biased to the upside in the short term

 

[FXTechstrategy Team]

Daily Technical Strategist On USDCAD

USDCAD: Bullish, Targets Further Upside

USDCAD: With USDCAD rallying sharply higher the past week, it now looks to extend that gain in the new week. On the upside, if further recovery is triggered resistance comes in at the 1.0988 level where a breach will aim at the 1.0000 level followed by the 1.1069 level and then the 1.1100 level. A cut through here will turn focus to the 1.1150 level. Support lies at However, recovery risk cannot be ruled out. On the downside, support lies at the 1.0900 level where a break will aim at the 1.0850 level and then the 1.0800 level. Further down, support is located at the 1.0750 level where a break if seen paving the way for a run at the 1.0700 level. All in all, USDCAD continues to face further downside risk.

 

[FXTechstrategy Team]

Daily Technical Strategist On AUDUSD

AUDUSD: Eyes Key Resistance At 0.9400

AUDCAD: AUDUSD is now seen strengthening after closing marginally higher on Monday. However, it must decisively break and hold above the 0.9399/0.9400 levels on a daily closing basis to create scope for more gains. Further out, resistance resides at the 0.09450 level with a break targeting the 0.9500 level. Further out, resistance resides at the 0.9550 level. Its daily RSI is bullish and pointing higher suggesting further strength. The risk to this analysis will be a return to the 0.9328 level where a reversal of roles as support is likely. Below here if see will aim at the 0.9256 level where a break could force further downside towards the 0.9200 level. Further down, support comes in at the 0.9150 level. And then the 0.9100 level, its psycho level. All in all, the pair remains biased to the upside.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURJPY

EURJPY: The 138.13/137.97 Zone To Provide Support.

EURJPY- Although the cross may be weak and vulnerable to the downside, it faces a recovery higher especially now that it is seen struggling at the 138.13/137.97 levels. This level could hold and turn the cross back up but if violated, support lies at the 137.50 level. A violation will target the 137.00 level and then the 136.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 139.50 level where a breach will aim at the 139.95/8 level. Resistance resides at the 140.94. We may see a breather here but if that fails, further gains could follow towards the 141.50 level. A cut through here will target the 142.46 level. All in all, the cross remains biased to the downside.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURGBP

EURGBP- Weakens, Threatens Further Declines

EURGBP- With EURGBP extending its weakness through the 0.8000 level during Friday trading session, further downside threats are likely. On the downside, support resides at the 0.7960 level where a breach will turn focus to the 0.7922 level. Further down, a break of that level will set the stage for a run at the 0.7900 level where a breather may occur and turn the cross higher. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.8051 level where a break will target the 0.8080 level. A break of the 0.8080 level will turn attention to the 0.8100 level followed by the 0.8150 level. All in all, the cross remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Bullish, Tests The 0.9000 Level.

USDCHF: While USDCHF may be biased to the upside, it is finding it hard to overcome its key psycho level at the 0.9000 level. That level has been tested two times and held suggesting price could turn lower as long as that zone continues to hold as resistance. On the downside, support comes in at the 0.8919 level where a violation if seen will aim at the 0.8850 level. Below here will pave the way for a run at the 0.8800 level with a cut through there targeting the 0.8750 level. Further down, support lies at the 0.8700 level. On the upside, resistance resides at the 0.9000 level where a reversal of roles is envisaged. However, if this fails, expect further upside pressure to develop towards the 0.9036/50 levels. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level with a close above here setting the stage for a move higher towards the 0.9150 level. All in all, the pair remains biased to the upside in the short term.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Bullish, Tests The 0.9000 Level.

USDCHF: While USDCHF may be biased to the upside, it is finding it hard to overcome its key psycho level at the 0.9000 level. That level has been tested two times and held suggesting price could turn lower as long as that zone continues to hold as resistance. On the downside, support comes in at the 0.8919 level where a violation if seen will aim at the 0.8850 level. Below here will pave the way for a run at the 0.8800 level with a cut through there targeting the 0.8750 level. Further down, support lies at the 0.8700 level. On the upside, resistance resides at the 0.9000 level where a reversal of roles is envisaged. However, if this fails, expect further upside pressure to develop towards the 0.9036/50 levels. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level with a close above here setting the stage for a move higher towards the 0.9150 level. All in all, the pair remains biased to the upside in the short term.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Vulnerable To The Downside.

EURUSD: With EUR closing lower for the week, further downside is likely towards the 1.3500 level. A break will aim at the 1.3450 level where a violation will pave the way for a move lower towards the 1.3400 level. If this continues, expect further downside to occur towards the 1.3350 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, resistance lies at the 1.3578 level where a violation will aim at the 1.3620 followed by the 1.3685 level, its May 2014 low. A breach of here will resume its broader downtrend and aim at the 1.3700 level. All in all, EUR remains biased to the downside in the short term.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Loses Upside Steam, Set To Weaken Further

GBPUSD: With GBP testing the 1.7012 level and turning back lower during Monday trading session today, risk of corrective weakness is now building. On the downside, support lies at the 1.6921/20 levels where a reversal of roles as support is likely. A break of here will turn attention to the 1.6850 level. Further down, support comes in at the 1.6800 level with a turn below here targeting the 1.6750 level. Conversely, the pair will have to retake the 1.6995/1.7012 levels to resume its broader uptrend. Further out, resistance is located at the 1.7050 level where a violation will aim at the 1.7100 level and possibly higher towards the 1.7150 level. Above here if seen will aim at the 1.7200 level Its daily RSI is now turning lower supporting this view. On the whole, GBP continues to retain its upside bias but faces corrective weakness.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURJPY

EURJPY: Sees Corrective Recovery

EURJPY- With the cross remaining on upside offensive, further strength is likely. In such case, additional upside will aim at the 139.00 level followed by the 139.50 level where a breach will aim at the 139.95/8 level. Further out, resistance resides at the 140.94. We may see a breather here but if that fails, further gains could follow towards the 141.50 level. A cut through here will target the 142.46 level. On the downside, support lies at the 138.13/137.97 levels. This level could hold and turn the cross back up but on continued hold below that zone, support lies at the 137.50 level. A violation will target the 137.00 level and then the 136.50 level. All in all, the cross remains biased to the downside though recovery.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: With GBP closing sharply higher off its support at the 1.6920 level on Wednesday and following through higher on Thursday above the 1.7000 level, it looks to retarget the 1.7050 level. Further out, resistance resides at the 1.7100 levels where a breather could occur but if broken the 1.7150 level will be targeted. A break will open the door for a run at the 1.7200 level and then the 1.7250 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.7000 level followed by the 1.6950 level where a break will aim at the 1.6881 level. A violation w ill aim at the 1.6800 level. Below here if seen will set the stage for a run at the 1.6750 level where a violation will aim at the 1.6698 level with a break aiming at the 1.6658 level. On the whole, GBP continues to retain its upside bias.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURJPY

EURJPY- The cross remains biased to the upside though hesitating. In such case, further upside will aim at the 139.00 level followed by the 139.50 level where a breach will aim at the 139.95/8 level. Further out, resistance resides at the 140.94. We may see a breather here but if that fails, further gains could follow towards the 141.50 level. A cut through here will target the 142.46 level. On the downside, support lies at the 138.13/137.97 levels. This level could hold and turn the cross back up but on continued hold below that zone, support lies at the 137.50 level. A violation will target the 137.00 level and then the 136.50 level. All in all, the cross remains biased to the downside though recovering.

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Outlook Remains Higher With Caution

GOLD: With GOLD remaining bullish and targeting further upside, it faces further bullishness in the days ahead. Resistance resides at the 1,331.10 level where a violation will aim at the 1,342.30 level. A break will aim at the 1,359.00 level and then the 1,380.00 level. Its weekly RSI is bullish and pointing higher suggesting further upside. Conversely, support comes in at the 1,300.00 level where a violation if seen will threaten further downside towards the 1,284.00 level. Further down, support comes in at the 1,257.68 level where a break if seen will push the pair lower towards support at the 1,250.00 level. All in all, GOLD remains biased to the upside in the medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPJPY

GBPJPY: Threatens Further Downside With Caution.

GBPJPY – GBPJPY remains weak and vulnerable to the downside. It weakened on Tuesday and followed through lower during Wednesday trading session. This is supported by a negative candle print on Friday. A decisive break and hold above here will open the door for additional gains towards the 174.50 level where a break will aim at the 175.00 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 173.00 level where a break will aim at the 172.53 level followed by the 171.82 level. Further down, support lies at the 171.00 and then the 170.15 level. A break will aim at the 169.49 level. All in all, the cross remains biased to the upside.

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Continues To Consolidate But Vulnerable

GOLD: With GOLD closing marginally lower on consolidation, further corrective weakness is envisaged. If triggered, the 1,300.00 level will be targeted where a violation if seen will threaten further downside towards the 1,284.00 level. Further down, support comes in at the 1,257.68 level where a break if seen will push the pair lower towards support at the 1,250.00 level. On the upside, resistance comes in at the 1,325.75 level, Resistance resides at the 1,331.10 level where a violation will aim at the 1,342.30 level. A break will aim at the 1,359.00 level and then the 1,380.00 level. All in all, GOLD remains biased to the upside in the medium term.

 

[FXTechstrategy Team]

USDCAD: Triggers Corrective Recovery

USDCAD: With USDCAD triggering a correction during early trading today, further upside could be seen in the days ahead. However, broader bias still points lower in the medium term. On the downside, support lies at the 1.0600 level where a break will aim at the 1.0550 level and then the 1.0500 level. Further down, support is located at the 1.0450 level where a break if seen paving the way for a run at the 1.0400 level. On the upside, resistance is seen at the 1.0700 level followed by the 1.0750 level. Further out, resistance comes in at the 1.0813 level where a reversal of roles is expected to occur and turn it lower. But if further recovery is triggered resistance comes in at the 1.0850 level followed by the 1.0900 level. All in all, USDCAD continues to maintain its medium term downside risk despite its current recovery.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

EURUSD: Pulls Back, Aims At 1.3600

EURUSD: With EUR halting its upside offensive on Tuesday and following through lower during Wednesday trading session, further weakness is envisaged. Support comes in at the 1.3651 zone where a reversal of roles as support is likely. Below here will aim at the 1.3600 level and then 1.3550 level where a violation will target further downside towards the 1.3521/02 levels level. Further down, support stands at the 1.3450 level. Conversely, resistance resides at the 1.3723 level and subsequently the 1.3774 level. Above here will open the door for more upside towards the 1.3800 level followed by the 1.3850 level and then the 1.3900 level. All in all, EUR remains biased to the upside in the short term.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Recovers, Sets Up For More Upside

USDCHF: With USDCHF halting its weakness ad turning higher at the end of the week, further upside offensive is envisaged. This development leaves the pair strengthening further in the new week with eyes on the 0.9000 level where a break will aim at the 0.9050 level. Further out, resistance resides at the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.8855 level. A cut through here will target the 0.8800 level where a violation will open the door for more weakness towards the 0.9742 level. A turn below here will set the stage for a run at the 0.8700 level. All in all, the pair remains biased to the upside on recovery.

 

[FXTechstrategy Team]

Daily Technical Strategist On AUDUSD

AUDUSD: Vulnerable, Risk Still Points Lower

AUDUSD: Although AUDUSD continues to recover higher, it remains vulnerable to the downside below the 0.9504 level. On the downside, support lies at the 0.9350 level where a violation will aim at the 0.9300 level followed by the 0.9250 level. A cut through here will turn attention to the 0.9200 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance resides at the 0.9550 level where a break will aim at 0.9600 level. On continued bullishness, the 0.9650 level followed by the 0.9700 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, the pair faces a corrective recovery risk.