FXTechstrategy Team

GBPJPY: Faces Corrective Pullback Risk GBPJPY – With corrective pullback threat hanging on its neck, GBPJPY faces downside risk in the days ahead. On the downside, support comes in at the 170.08 level where a violation will aim at the 169.50 level. A break below here will target the 169.00 level followed by the 168.50 level. Further down, support lies at the 168.00 level. Resistance lies at the 173.50 level followed by the 174.21 level where a break will aim at the 175.50 level. A cut through here will aim at the 176.00 level. All in all, the cross remains biased to the upside medium term

EURJPY: Declines, Faces Further Pullback Risk EURJPY- With a follow through lower seen on the back of its Friday weakness today, more decline is now envisaged. Support comes in at the 137.00 level where a break will aim at the 136.50 level. A break will target the 135.72 level with a breach turning focus to the 135.00 level. Below here will aim at the 134.50 level where a violation if seen will aim at the 134.00 level. On the upside, resistance resides at the 137.66 level where a break if seen will threaten further upside towards the 138.00. Further out, resistance resides at the 138.50 level where a break will aim at the 139.27. We may see a breather here but if that fails, further gains could follow towards the 140.50 level. All in all, the cross remains biased to the downside in the short term.

GOLD: Downside Threat Remains. GOLD: With GOLD remaining weak and vulnerable to the downside, further decline is likely in the new week. Support lies at the 1,257.68 level where a break will aim at the 1,230.00 level. A break will target the 1,200.00 level with a violation turning attention to the 1,180.00 level. Below here will expose the 1,160.00 level and then the 1,140.00. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 1,285.00 level where a break will target the 1,300.00 level followed by the 1,345.90 level. A cut through here will extend gains towards the 1,360.30 level. And then the 1,380.00 level. All in all, GOLD remains biased to the downside in the nearer term.

EURUSD: Vulnerable But With Caution EURUSD: With further price extension happening the past week, additional decline is likely in the new week. However, we may see a recovery higher on correction. On the upside, resistance lies at the 1.3332 level where a break will aim at the 1.3450 level where a break will target the 1.3500 level, its psycho level. Further out, resistance resides at the 1.3550 level. Followed by the 1.3600 level and then the 1.3650 level. Support lies at the 1.3200 level where a break will expose the 1.3150 level. Below here will pave the way for a move lower towards the 1.3100 level. If this continues, expect further downside to occur towards the 1.3050 level. Its weekly RSI is bearish and pointing lower supporting this view. All in all, EUR remains biased to the downside in the medium term.

USDCHF: Bullish, Targets Further Upside USDCHF: With USDCHF reversing its two-week losses to close higher the past week, further upside is likely in the new week. On the upside, resistance resides at the 0.9156 level where a break will aim at the 0.9180 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.9100 level with a break targeting the 0.9050 level and then the 0.9000 level. Further down, support comes in at the 0.8950 level. A cut through here will target the 0.8950 level where a violation will open the door for more weakness towards the 0.8900 level. All in all, the pair remains biased to the upside.

USDJPY: Triggers Corrective Pullback USDJPY: Although maintaining its broader uptrend, USDJPY faces corrective pullback threats. Resistance resides at the 104.00 level where a break will target the 104.50 level. Further out, resistance comes in at the 105.00 level where a violation will aim at the 105.50 level and possibly higher towards the 106.00 level. On the downside, support comes in at the 103.08 level where a break if seen will aim at the 102.50 level. A break if it occurs will aim at the 102.00 followed by the 101.50. On the whole, USDJPY remains exposed to the upside short term but faces corrective pullback risk.

GOLD: Sells Off Sharply GOLD: With continued downside pressure seen, GOLD extended its weakness during Thursday trading session. Support lies at the 1,257.68 level where a break will aim at the 1,230.00 level. A break will target the 1,200.00 level with a violation turning attention to the 1,180.00 level. Below here will expose the 1,160.00 level and then the 1,140.00. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 1,285.00 level where a break will target the 1,300.00 level followed by the 1,345.90 level. A cut through here will extend gains towards the 1,360.30 level. And then the 1,380.00 level. All in all, GOLD remains biased to the downside in the nearer term.

EURUSD: Weakens, Eyes The 1.3250/00 Levels EURUSD: With a turn lower occurring for two days in a row and a follow through seen during early trading today, further weakness is now envisaged. Support lies at the 1.3266 level where a break will expose the 1.3200 level. Below here will pave the way for a move lower towards the 1.3150 level. If this continues, expect further downside to occur towards the 1.3100 level. On the upside, resistance lies at the 1.3335 level, its Aug 12 2014 low where a break will aim at the 1.3400 level, its psycho level followed by the 1.3450 level. Further out, resistance comes in at the 1.3500 level followed by the 1.3600 level. All in all, EUR remains biased to the downside in the medium term

USDCAD: Sees Recovery Momentum USDCAD: With USDCAD rallying strongly the past week, further bullishness is expected in the days ahead. On the upside, resistance is seen at the 1.0970 level followed by the 1.1000 level. Further out, resistance comes in at the 1.1050 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 1.1100 level. On the downside, support lies at the 1.0900 level where a break will aim at the 1.0850 level followed by the 1.0800 level where a break will aim at the 1.0750 level and then the 1.0700 level. l. All in all, USDCAD continues to face further upside risk.

USDCHF: Declines On Corrective Pullback USDCHF: With the pair weakening on corrective decline the past week, further bearishness is likely in the new week. On the downside, support lies at the 0.9000 level with a break targeting the 0.8950 level. A cut through here will target the 0.8950 level where a violation will open the door for more weakness towards the 0.8900 level and then the 0.8842 level. On the upside, resistance resides at the 0.9114 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the downside on pullback risks

GBPUSD: Remains Weak and Vulnerable To The Downside GBPUSD: With GBP remaining weak and vulnerable to the downside, it faces further downside. On the downside, support lies at the 1.6650 level where a break will aim at the 1.6600 levels. A break of here will turn attention to the 1.6650 level. Further down, support lies at the 1.6500 level. Conversely, resistance resides at the 1.6757 level with a break aiming at the 1.6800 level where a violation will aim at the 1.6850 level and possibly higher towards the 1.6900 level. On the whole, GBP continues to retain its medium term downside bias short term

GBPUSD: Looks For A Bottom GBPUSD: Although GBP remains biased to the downside medium term, it faces a temporary bottom. On the downside, support lies at the 1.6700 level where a break will aim at the 1.6650 levels. A break of here will turn attention to the 1.6600 level. Further down, support lies at the 1.6550 level. Its weekly RSI is bearish and pointing lower, supporting this view. Conversely, resistance resides at the 1.6887 level with a break aiming at the 1.7000 level where a violation will aim at the 1.7050 level and possibly higher towards the 1.7100 level. On the whole, GBP continues to retain its medium term downside bias short term but faces immediate corrective attempts.

CRUDE OIL: Pressure Mounts On The Upside. CRUDE OIL: With Crude Oil strengthening on recovery higher, further bullishness is expected. However, it will have to break and hold above the 98.68 level to trigger further upside. On the upside, resistance resides at the 98.99 level where a break will aim at the 100.00 level followed by the 101.05 level and then the 101.50 level. A break will turn attention towards the 102.00 level. A break of here if seen will open the door for gains to occur towards the 103.00 level. This view is supported by its bullish RSI. Support comes in at the 97.39 level followed by the 96.50 level where a break will aim at the 96.00 level and then the 95.50 level. A turn below here will open the door for a run at the 95.00 level. All in all, Crude Oil remains biased to the upside on recovery.

USDJPY: Sets Up To Trigger Corrective Recovery USDJPY: The pair looks to trigger a recovery higher in the days ahead. With a rejection candle printed after failing at 101.50 level on Friday (daily chart), further upside is likely in the days ahead. Resistance resides at the 102.45 level where a break will target the 103.00 level. Further out, resistance comes in at the 103.50 level where a violation will aim at the 104.00 level and possibly higher towards the 104.50 level. On the downside, support comes in at the 101.50 level where a break if seen will aim at the 101.00 level. A break if it occurs will aim at the 100.72 followed by the 100.50 and then the 100.00 level. Further down, support stands at the 99.50 level. On the whole, USDJPY remains exposed to the downside short term but faces a recovery risk.

GOLD: Faces Corrective Pullback Risk GOLD: Although GOLD closed higher the past week, it faces a pullback risk after printing a negative candle ahead of its key resistance on daily chart on Friday. Support lies at the 1,282.00 level where a break will aim at the 1,257.68 level with a break targeting the 1,240.00 level. Below here will expose the 1,220 level and then the 1,200.00. Conversely, resistance lies at the 1,330.00 level where a break will target the 1,345.90 level followed by the 1,345.90 level. A cut through here will extend gains towards the 1,360.30 level. A violation will aim at the 1,380.00 level. All in all, GOLD remains biased to the upside in the nearer term.

EURUSD: Recovery Risk Builds Up EURUSD: With EUR closing marginally lower with a rejection candle the past week, further corrective recovery is likely in the days ahead. On the upside, resistance lies at the 13450 level where a break will aim at the 1.3500 level, its psycho level followed by the 1.3550 level. Further out, resistance comes in at the 1.3600 level followed by the 1.3650 level. Support lies at the 1.3366 level where a break will expose the 1.3300 level. Below here will pave the way for a move lower towards the 1.3250 level. If this continues, expect further downside to occur towards the 1.3200 level. Its weekly RSI is bearish and pointing lower supporting this view. All in all, EUR remains biased to the downside in the medium term.

USDCHF: Sets Up For Corrective Pullback USDCHF: With USDCHF failing at the 0.9114 level and closing lower on a rejection candle formation, it faces downside risk in the new week. On the downside, support lies at the 0.9000 level with a break targeting the 0.8950 level. A cut through here will target the 0.8950 level where a violation will open the door for more weakness towards the 0.8900 level and then the 0.8842 level. Its weekly RSI is bearish and pointing lower suggesting further downside. On the upside, resistance resides at the 0.9114 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the downside on pullback risks

GBPUSD: Bearish, Threatens Further Downside GBPUSD: With continued downside pressure seen GBP looks to extend further weakness. On the other hand, support lies at the 1.6800 level where a break will aim at the 1.6750 levels. A break of here will turn attention to the 1.6700 level. Further down, support lies at the 1.6650 level. Its daily and weekly momentum indicators are bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.7042 level with a break aiming at the 1.7100 level where a violation will aim at the 1.7150 level and possibly higher towards the 1.7200 level. On the whole, GBP continues to retain its downside bias nearer term

USDCHF: Loses Bullish Steam, Vulnerable USDCHF: With USDCHF turning lower off higher level prices to close lower on Wednesday, further downside is expected. On the downside, support lies at the 0.9000 level with a break targeting the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8842 level. On the upside, resistance resides at the 0.9100 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the downside on pullback risks

EURUSD: Extends Downside Pressure EURUSD: With EUR reversing its recovery gains to close lower on Tuesday and following through lower during Wednesday trading session, it now faces further downside pressure. Support lies at the 1.3300 level where a break will expose the 1.3250 level. Below here will pave the way for a move lower towards the 1.3200 level. If this continues, expect further downside to occur towards the 1.3150 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3378 level followed by the 1.3450 level. Further out, resistance comes in at the 1.3500 level followed by the 1.3550 level. All in all, EUR remains biased to the downside in the medium term.

GOLD: Faces Further Downside Pressure. GOLD: With GOLD continuing its downside weakness the past week, it now faces further downside pressure in the new week. Support lies at the 1,257.68 level with a break targeting the 1,240.00 level. Below here will expose the 1,220 level and then the 1,200.00. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,300.00 level where a break will target the 1,330.00 level followed by the 1,345.90 level. A cut through here will extend gains towards the 1,360.30 level. A violation will aim at the 1,380.00 level. All in all, GOLD remains biased to the upside in the nearer term.

EURUSD: Prepares To Recover Higher. EURUSD: With EUR halting its broader weakness to close flat the past week, it faces the risk of further recovery higher. If a follow-through higher on the back of its Friday gain occurs, further bullish offensive is likely in the new week. Support lies at the 1.3366 level where a break will expose the 1.3300 level. Below here will pave the way for a move lower towards the 1.3250 level. If this continues, expect further downside to occur towards the 1.3200 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3500 level, its psycho level followed by the 1.3550 level. Further out, resistance comes in at the 1.3600 level followed by the 1.3650 level. All in all, EUR remains biased to the downside in the medium term.

USDCHF: Further Pullback Risk Builds Up USDCHF: With corrective weakness triggered on the daily chart and a higher ,level rejection candle formed on the weekly chart, we expect price weakness in the days ahead. On the downside, support lies at the 0.9000 level with a break targeting the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8842 level. On the upside, resistance resides at the 0.9100 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the downside on pullback risks

EURUSD: Vulnerable But With Caution EURUSD: With EUR extending its weakness on Thursday, further downside pressure is likely. With a rejection candle printed on Wednesday, beware of a recovery higher risk. Support lies at the 1.3000 level where a break will expose the 1.3350 level. Below here will pave the way for a move lower towards the 1.3300 level. If this continues, expect further downside to occur towards the 1.3250 level. On the upside, resistance lies at the 1.3650 level, its psycho level followed by the 1.3700 level. Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level. All in all, EUR remains biased to the downside in the medium term.

USDCAD: Extends Its Bullish Offensive USDCAD: With USDCAD rallying strongly on Tuesday, further bullishness is now envisaged. On the upside, resistance is seen at the 1.0900 level followed by the 1.0950 level. Further out, resistance comes in at the 1.1000 level where a reversal of roles is expected to occur and turn it lower. On the downside, support lies at the 1.0750 level followed by the 1.0700 level where a break will aim at the 1.0650 level and then the 1.0600 level. Further down, support is located at the 1.0550 level. All in all, USDCAD continues to face further upside risk.