FXTechstrategy Team

USDCHF: Vulnerable, Risk Points Lower USDCHF: With a reversal of almost all of its past week gains seen at the end of the week to close slightly higher, USDCHF now faces the risk of a move lower in the new week. On the downside, support comes in at the 0.9500 level. A turn below here will open the door for more weakness to occur towards the 0.9450 level and then the 0.9386 level. A cut through here will open the door for additional weakness towards the 0.9300 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9600 level with a breach targeting the 0.9650 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9700 level. All in all, the pair remains biased to the downside.

GOLD Maintains Bearish Bias, Eyes Key Support GOLD: With GOLD selling off sharply on Wednesday, further bearishness is expected though presently seen hesitating. Support comes in at the 1,178.39.00 level where a break will aim at the 1,165.00 level. A cut through here will open the door for move lower towards the 1,150.00 level. Below here if seen could trigger further downside pressure towards the 1,130.00 level and then the 1,100.00 level. On the upside, resistance resides at the 1,200.00 level where a break will aim at the 1,215.000 followed by the 1,224.00 level. A violation of here will turn attention to the 1,250.00 level followed by the 1,170.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery threats.

EURUSD: Bearish Below The 1.0848 Level EURUSD: While the 1.0848/86 zone remains as resistance our outlook on EUR remains to the downside. Resistance is seen at 1.0800 level with a cut through here opening the door for more downside towards the 1.0848/86 levels. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level with a turn below that level targeting the 1.0500 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EUR remains biased to the downside medium term

EURUSD: Recovering With Caution EURUSD: Outlook for EUR remains to the upside after closing higher the past week. However, a mild pullback may occur in the new week as price hesitation signs are now seen on lower level charts. Resistance is seen at 1.0850 level with a cut through here opening the door for more downside towards the 1.0900 level. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. Conversely, 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 with a turn below that level targeting the 1.0550 level. All in all, EUR remains biased to the upside on recovery.

EURGBP- Consolidates With Upside Bias. EURGBP- With the cross halting its weakness and consolidating, it looks to recover higher. On the downside, support lies at the 0.7150 level where a break will expose the 0.7100 level. Further down, support comes in at the 0.7050 level where a violation will turn attention to the 0.7000 level. On the upside, resistance lies at the 0.7250 level where a violation if seen will turn focus to the 0.7300 level. Its daily RSI is bullish and pointing higher suggesting further recovery. On further upside, a breach of the 0.7350 level will set the stage for a run at the 0.7400 level. All in all, the cross is biased to the upside on recovery following its recent bullish offensive

EURJPY: Bullish On Corrective Recovery EURJPY- With a third consecutive day of recovery now underway, further strength is envisaged in the days ahead. On the downside, support comes in at the 127.00 level where a break will aim at the 126.00 level. A turn below here will target the 125.50 level with a breach turning focus to the 125.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 129.00 level where a break if seen will threaten further upside towards the 130.00. Further out, resistance resides at the 131.00 level where a break will aim at the 132.00. All in all, the cross continues to face upside threats on corrective recovery higher after losing downside momentum.

GBPJPY: Halts Weakness, Eyes Recovery GBPJPY: With GBPJPY closing higher on Tuesday on a rejection candle off its key support zone at 175.30/49, it faces recovery risk in the days ahead. On the downside, support comes in at the 175.50 level where a violation will aim at the 174.50 level. A break below here will target the 174.00 level followed by the 173.00 level. Further down, support lies at the 172.00 level. On the upside, resistance lies at the 177.00 level followed by the 178.00 level where a break will aim at the 179.00 level. A cut through here will aim at the 180.00 level. All in all, the cross remains broadly biased to the downside on price weakness but faces recovery risk.

USDJPY Faces Downside Pressure On Price Failure USDJPY: With the pair capping its gains at 120.84 level to decline on Monday, further weakness is envisaged. On the upside, resistance resides at the 120.50 level with a turn above here aiming at the 121.00 level. A break will target the 121.50 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 122.50 level. Its daily RSI is bearish and pointing lower supporting suggesting further weakness. On the downside, support comes in at the 119.00 level where a break will target the 118.50 level. Below here if seen will aim at the 118.00 level followed by the 117.50 level. Unless the pair returns above the 120.84 level, our downside view remains intact. On the whole, USDJPY faces downside pressure on price exposing further weakness in the days ahead.

GBPUSD Holds Above Key Supports, Eyes Further Upside GBPUSD: Having held off the 1.4633/00 zone, we look for GBPUSD to strengthen further above that level in the days ahead. On the downside, support lies at the 1.4550 level where a break if seen will aim at the 1.4500 level. A break of here will turn attention to the 1.4400 level. Further down, support comes in at the 1.4350 level. On the upside, resistance resides at the 1.5000 level with a break aiming at the 1.5050 level. A violation will aim at the 1.5100 level and possibly higher towards the 1.5150 level. Its daily RSI is slowly turning higher supporting further upside pressure. On the whole, GBP continues to retain its recovery bias off its key support level.

EURUSD: Looks To Resume Broader Downtrend. EURUSD: With EUR selling off strongly the past week, it looks to resume its broader medium term downtrend. On the downside, support lies at the 1.0500 level where a violation will aim at the 1.0461 level. A break of here will aim at the 1.0400 level with a turn below that level targeting the 1.0350 level. Its weekly RSI is bearish and pointing lower supporting this view. Resistance is seen at 1.0700 level with a cut through here opening the door for more downside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. All in all, EUR remains biased to the downside in the medium term.

GBPUSD: Weakens, Eyes Key Support And Possibly Lower GBPUSD: With continued downside seen on Friday and the pair testing its key support at the 1.4633 level, further price extension is expected. Support lies at the 1.4600 level where a break if seen will aim at the 1.4550 level. A break of this level will turn focus to the 1.4500 level. Further down, support lies at the 1.4450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1.4700 level with a break of here turning attention to the 1.4750 level. A violation will aim at the 1.4802 level and possibly higher towards the 1.4850 level. On the whole, GBP continues to retain its downside bias in the medium term.

GBPJPY: Vulnerable, Risk Points Lower GBPJPY: Having GBPJPY turned lower after losing its intra day strength, a move further lower is now envisaged in the days ahead. On the downside, support comes in at the 177.00 level where a violation will aim at the 176.00 level. A break below here will target the 175.00 level followed by the 174.00 level. Further down, support lies at the 173.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 178.50 level followed by the 179.50 level where a break will aim at the 180.50 level. A cut through here will aim at the 181.50 level All in all, the cross remains biased to the downside in price weakness in the short term.

EURGBP- Declines, Faces Further Bear Threats EURGBP- With the cross declining on Tuesday and following through lower during Wednesday trading session, it faces the risk of further price extension. On the downside, support lies at the 0.7250 level where a break will expose the 0.7200 level. Further down, support comes in at the 0.7150 level where a violation will turn attention to the 0.7100 level. On the upside, resistance lies at the 0.7350 level where a violation if seen will turn focus to the 0.7400 level. On further upside, a breach of the 0.7450 level will set the stage for a run at the 0.7500 level. All in all, the cross is biased to the downside on weakness

GBPJPY: Bullish On Recovery, Eyes 179.66 level GBPJPY: The cross is now seen recovering further and following through on the back of its Monday strength.. On the upside, resistance lies at the 179.66 level followed by the 180.50 level where a break will aim at the 181.50 level. A cut through here will aim at the 182.50 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 178.00 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. All in all, the cross remains biased to the upside on recovery.

GBPUSD: Eyes Further Upside On Bull Pressure GBPUSD: Outlook for pair has turned higher after printing a rejection candle the past week. A follow through higher is now envisaged in the new week. On the upside, resistance resides at the 1.5000 level with a break aiming at the 1.5050 level. A violation will aim at the 1.5100 level and possibly higher towards the 1.5150 level. Conversely, support lies at the 1.4800 level where a break if seen will aim at the 1.4750 level. A break of here will turn attention to the 1.4700 level. Further down, support lies at the 1.4722 level. On the whole, GBP continues to retain its recovery bias though looking to pullback.

EURUSD: Looks To Build On Strength EURUSD: With EUR closing higher to reverse most of its past week gains, further strength is envisaged in the new week. Resistance is seen at 1.1050 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1100 level where a break will expose the 1.1150 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.0900 level where a violation will aim at the 1.0850 level. A break of here will aim at the 1.0800 level with a turn below that level targeting the 1.0750 level. All in all, EUR remains biased to the upside on correction though seen hesitating on Tuesday.

USDCHF: Downside Pressure Remains Intact USDCHF: With a third week of decline occurring the past week , further weakness is envisaged. On the downside, support comes in at the 0.9400 level. A turn below here will open the door for more weakness towards the 0.9350 level. A cut through that level will open the door for further decline towards the 0.9300 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.9550 level with a breach targeting the 0.9600 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9650 level. All in all, the pair remains biased to the downside in the short term.

AUDUSD: Risk Continues To Point Lower AUDUSD: With AUDUSD remaining weak and vulnerable, more declines is likely. It is now trading below its key support at the 0.7559 level. On the downside, support resides at the 0.7500 level where a breach will aim at the 0.7450 level. Below that level will set the stage for a run at the 0.7400 level with a cut through here targeting further downside towards the 0.7350 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7600 level. A cut through here will turn attention to the 0.7650 level and then the 0.7700 level where a violation will set the stage for a retarget of the 0.7750 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

GOLD: Remains Weak And Vulnerable GOLD: With GOLD’s bias continuing to point lower, further bearishness is now envisaged. This is consistent with its short term weakness triggered off the 1,219.51 level the past week. On the downside, support comes in at the 1,170.00 level where a break will aim at the 1,150.00 level. Below here if seen could trigger further downside towards the 1,130.00 level where a break will aim at the 1,100.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,200.00 level where a break will aim at the 1,219.51 level. A violation of here will turn attention to the 1,240.00 level followed by the 1,150.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery risk

USDCAD: Sets To Extend Weakness USDCAD: The pair halted its strength to close slightly higher on Tuesday, leaving risk of a move lower on the cards. On the upside, resistance is seen at the 1.2750 level followed by the 1.2800 level. Further out, resistance comes in at the 1.2850 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2900 level. On the downside, support lies at the 1.2600 level followed by the 1.2550 level. Further down, support resides at the 1.2500 level and then the 1.2450 level. All in all, USDCAD remains biased to the upside medium term.

EURUSD: Maintains Downside Threats EURUSD: With EUR continuing to look vulnerable, further downside pressure remains. Resistance is seen at the 1.0900 level with a cut through here opening the door for more downside towards the 1.0950 level. Further up, resistance lies at the 1.1000 level where a break will expose the 1.1096 level. Its daily RSI is bearish and pointing lower supporting this view. On the downside, 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 with a turn below that level targeting the 1.0766 level, its Mar 23’2015 low . All in all, EUR remains biased to the downside on weakness

USDJPY: Follows Through On Recovery USDJPY: Having followed through on the back of its rejection candle on Thursday during Monday’s trading session, more strength is expected. On the upside, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. A break will target the 121.00 level. Further out, resistance comes in at the 121.50 level where a violation will aim at the 122.00 level. On the downside, support comes in at the 118.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.50 level followed by the 117.00 level. On the whole, USDJPY remains exposed to the upside in the immediate term.

EURUSD: Vulnerable On Price Failure EURUSD: With EUR closing almost flat the past week, it faces downside risk as long the 1.1051/96 levels cap. Resistance is seen at 1.0950 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1096 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, 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 with a turn below that level targeting the 1.0766 level, its Mar 23’2015 low . All in all, EUR remains biased to the upside on correction though seen hesitating on Tuesday.

USDCHF: Looks To Keep Recovery Tone USDCHF: With USDCHF still facing recovery higher risk, a move higher could occur in the new (see daily chart) although closing lower the past week. On the downside, support comes in at the 0.9550 level. A turn below here will open the door for more weakness to occur towards the 0.9500 level and then the 0.9450 level. Conversely, resistance resides at the 0.9700 level with a breach targeting the 0.9750 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9800 level. All in all, the pair remains biased to the downside in the short term.

GBPUSD: Vulnerable To The Downside. GBPUSD: With a reversal of its gains off the 1.4993 level now underway, further decline is envisaged. Support lies at the 1.4800 level where a break if seen will aim at the 1.4750 level. A break of here will turn attention to the 1.4700 level. Further down, support lies at the 1.4650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.4900 level with a break aiming at the 1.4950 level. A violation will aim at the 1.5000 level and possibly higher towards the 1.5050 level. On the whole, GBP continues to retain its broader downside bias medium term though facing recovery threats.