FXTechstrategy Team

USDCHF: Turns Lower, Eyes Further Downside USDCHF: With USDCHF turning lower on the back of a loss of upside momentum, further downside is likely. It now eyes a return to the 0.8769 level where a break will turn focus to the 0.8750 level. A cut through here will set the stage for a run at the 0.8700 level and subsequently the 0.8650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.8850 level where a violation will aim 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. All in all, the pair remains biased to the downside in the medium term

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.

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.

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.

Commodity 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

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.

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

EURJPY: Outlook Lower On Correction EURJPY- We continue to hold our corrective bias view on EURJPY though seen hesitating. On the upside, resistance resides at the 141.88 level followed by the 142.29 level where a break will aim at the 143.78 level. Further out, resistance comes in at the 144.00 level where a violation will turn attention to the 144.50 level and then the 144.00 level. On the downside, support lies at 140.22 level followed by the 139.50 level where a violation will aim at the 139.00 level and then the 138.00 level. All in all, the cross remains broadly biased to the downside though threatening a recovery.

Weekly Technical Strategist On EURUSD EURUSD: Although EUR continues to retain its upside bias, it faces the risk of a corrective pullback in the new week. Support lies at the 1.3820 level where a break will aim at the 1.3770 level. Further down, support resides at the 1.3676 level with a loss of there threatening further downside towards the 1.3600 level where a violation will target the 1.3550 level. Conversely, on further strength, the pair will aim at the 1.3900 level followed by the 1.3950 level. Further out, resistance resides at the 1.4000 level where a breach will aim at the 1.4050 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.

USDCHF: Closes Lower, Eyes Further Bearishness. USDCHF: With USDCHF declining strongly to take back almost all of its three weeks gains the past week, the risk is for more weakness to occur. However, watch out for any correction following the mentioned decline. Immediate support lies at the 0.8700 level where a break will turn focus to the 0.8650 level. A cut through here will set the stage for a run at the 0.8600 level and subsequently the 0.8550 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to return above the 0.8952 level to annul its entire last week losses. Further out, resistance resides at the 0.9050 level. This if broken will aim at the 0.9100 level with a close above here if seen will aiming at the 0.9150 level and next the 0.9200 level. All in all, the pair remains biased to the downside in the medium term

The Week Ahead On USDCHF USDCHF: With USDCHF capping its strength at the 0.8952 level to close the marginally lower (daily chart), it faces the risk of a correction in the new week. Expect it returned above the 0.8952 level, this view remains valid with eyes on the downside. Support lies at the 0.8874 level where a violation if seen targeting the 0.8813 level. A cut through here will set the stage for a run at the 0.8750 level and subsequently 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. On the other hand, the pair will have to return above the 0.8952 level to prevent any downside incursion. This if seen will aim at the 0.8900 level with a close above here if seen will aiming at the 0.9000 level and next the 0.9050 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, the pair remains biased to the upside in the short term.

EURJPY: Follows Through Higher, Eyes Further Strength EURJPY- Having reversed its earlier losses to close higher the past week, the cross is now seen rallying strongly during Monday trading session. Resistance resides at the 143.00 level with a break triggering further upside towards the 143.73 level. Further out, resistance comes in at the 144.00 level where a break will turn attention to the 144.50 level and then the 144.00 level. A violation will push it further higher towards the 145.50 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on pullbacks support comes in at the 141.97 level where a reversal of roles as support is expected. Further down support lies at the 141.00 level where a breach will target the 140.43 level. Bulls may come in here but if this fails to occur, further decline will follow towards the 139.96 level. All in all, the cross remains biased to the upside on recovery.

EURUSD: Vulnerable, Weakens For Two Weeks In A Row EURUSD: With EUR weakening for a second week in a row the past week, further downside pressure could be seen. However, with a rejection candle and marginal higher close seen on Friday, recovery risk could happen this new week. Support lies at the 1.3704 level. Further down, support comes in at the 1.3650 level where a violation will target the 1.3600 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on a recovery higher, the pair will aim at the 1.3796 level followed by the 1.3844 level. Further out, resistance resides at the 1.3900 level where a breach will aim at the 1.3966 level followed by the 1.4000 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.

USDCAD: Bearish, Targets Further Downside. USDCAD: The pair weakened further on Thursday leaving further pressure on the cards. Support lies at the 1.1000 level. We expect this big psycho level to hold and turn it higher but if breaks, further declining could occur towards the 1.0950 level and then the 1.0900 level. Bulls may come here and turn the pair back up. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides the 1.1100 level where a break will aim at the 1.1150 level and then the 1.1200 level. Further out, resistance resides at the 1.1277 level. All in all, USDCAD faces further bearish risk.

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.

GOLD: Weighed Down By Bears. GOLD: With GOLD reversing its intra-day gains to weak further today, further downside pressure is now envisaged. Key support lies at its big psycho level at the 1,300 .00. We expect bulls to come in here and push it higher but if broken further downside is likely towards the 1,280.00 level followed by the 1,250 level. Its daily RSI bearish and pointing lower supporting this view. On the upside, for GOLD to annul its correction it will have to recapture the 1,367.40 level, a tough call based on its present price action. Further out, resistance resides at the 1,388.95 level, its Mat 17 2014 high followed by the 1,400.00 level, its psycho level. A break will trigger further upside pressure towards the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside in the short term despite recovery attempts

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.

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.

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.

Hi, We think it has more downside to go but that may not happen without a corrective recovery higher possibly towards the 1.3833 and the 1.3856 levels

USDCHF: With the pair closing higher following its price halt the past week, the risk is for more gains to occur. However, the situation on the daily chart is different as its mentioned rally has printed a reversal candle (shooting star) suggesting it may be tough for USDCHF strengthen further for now. If it cannot go up we think it should head lower on correction. Support comes in at the 0.8768 level where a violation will turn focus to the 0.8698 level. Further down, support is located at the 0.8600 level and then the 0.8568 level followed by the 0.8500 level. On the upside, resistance resides at the 0.8868 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. All in all, the pair remains biased to the downside medium term though attempting a recovery.

EURGBP- With EURGBP halting its weakness and triggering corrective recovery higher, the risk is for more strength to occur. Immediate upside target resides at the 0.8397 level where a breach will set the stage for a run at the 0.8450 level and subsequently the 0.8500 level, its psycho level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support comes in at the 0.8328 level where a break will expose the 0.8300 level. Further down, support lies at the 0.8247 level where a violation will pave for a move towards the 0.8197 level. A turn below here if seen will open the door for a return to the 0.8157 level, its Feb 17 2014 low. All in all, the cross has halted its weakness and now looks to extend that strength

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

GBPUSD: Bear Threats SeenGBPUSD: 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.

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.