Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

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

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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

 

[FXTechstrategy Team 10]

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

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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

 

[FXTechstrategy Team 10]

USDCAD: Weakens, Targets The 1.0850 Level

 

USDCAD: With USDCAD selling off strongly, further downside is likely in the days ahead. On the downside, support lies 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. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at the 1.0950 level where a violation will target the 1.1000 level followed by the 1.1050 level. Further out, resistance comes in at the 1.1100 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 1.1150 level. All in all, USDCAD continues to face further upside risk.

 

[FXTechstrategy Team 10]

USDJPY: Sees Further Corrective Weakness

 

USDJPY: Having continued to face downside pressure, USDJPY extended its weakness today. This leaves risk of further downside on the cards. On the downside, support comes in at the 103.50 level where a break if seen will aim at the 103.00 level. A break if it occurs will aim at the 102.50 followed by the 102.00 and then the 100.00 level. Resistance resides at the 104.00 level followed by the 104.50 level where a break will target the 105.00 level. Further out, resistance comes in at the 105.50 level where a violation will aim at the 106.00 level. On the whole, USDJPY remains exposed to the downside short term.

 

[FXTechstrategy Team 10]

GBPUSD: Vulnerable, Loses Upside Steam

 

GBPUSD: GBP closed slightly higher on a rejection candle on Thursday leaving risk of a downside trend continuation on the cards. On the downside, support lies at the 1.6550 level where a break will aim at the 1.6500 levels. A break of here will turn attention to the 1.6450 level. Further down, support lies at the 1.6400 level. Conversely, resistance resides at the 1.6656 level with a break aiming at the 1.6700 level where a violation will aim at the 1.6950 level and possibly higher towards the 1.7000 level. On the whole, GBP continues to retain its downside bias short term

 

[FXTechstrategy Team 10]

USDCHF: Faces Corrective Pullback Risk

 

USDCHF: With USDCHF unable to follow through higher on the back of its previous week, it faces the risk of a pullback in the new week. On the upside, resistance resides at the 0.9200 level where a break will aim at the 0.9250 level. Further out, resistance resides at the 0.9300 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9150 level with a break targeting the 0.9100 level and then the 0.9050 level. Further down, support comes in at the 0.9000 level. A cut through here will target the 0.8950 level. All in all, the pair remains biased to the upside in the medium term though facing corrective risk.

 

[FXTechstrategy Team 10]

EURUSD: Susceptible, Risk Points Lower

 

EURUSD: With a continuation of its previous week weakness seen the past week, further downside pressure is envisaged in the new week. Support lies at the 1.3100 level where a break will expose the 1.3050 level. Below here will pave the way for a move lower towards the 1.3000 level. If this continues, expect further downside to occur towards the 1.2950 level. On the upside, resistance lies at the 1.3200 level where a break will aim at the 1.3250 level, its psycho level followed by the 1.3300 level. Further out, resistance comes in at the 1.3350 level. All in all, EUR remains biased to the downside in the medium term

 

[FXTechstrategy Team 10]

GBPJPY: Strengthens, Eyes The 174.00 Level

 

GBPJPY – With GBPJPY extending its Friday strength, further bullishness is envisaged. On further gains, 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 open the door for more downside towards the 176.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 172.50 level where a violation will aim at the 172.00 level. A break below here will target the 171.50 level followed by the 171.00 level. Further down, support lies at the 170.50 level. All in all, the cross remains biased to the upside medium term

 

[FXTechstrategy Team 10]

AUDUSD: Bearish, Roles Over

 

AUDUSD: With the pair selling off strongly during Tuesday trading session today, it now faces the risk of further decline. Support lies at the 0.9250 level. A cut through here will turn attention to the 0.9200 level and then the 0.9150 level where a violation will set the stage for a retarget of the 0.9100 level. On the upside, resistance resides at the 0.9336 level followed by the 0.9373 level where a breach will aim at the 0.9415 level. Above that level will set the stage for a run at the 0.9476 level with a cut through here resuming its broader uptrend towards the 0.9550 level. All in all, the pair faces further downside pressure.

 

[FXTechstrategy Team 10]

EURUSD: Strengthens, Triggers Recovery.

 

EURUSD: With EUR triggering a second day of recovery, it now faces further bullishness in the days ahead. On further upside, resistance lies at the 1.3200 level where a break will aim at the 1.3250 level, its psycho level followed by the 1.3300 level. Further out, resistance comes in at the 1.3350 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.3100 level where a break will expose the 1.3050 level. Below here will pave the way for a move lower towards the 1.3000 level. If this continues, expect further downside to occur towards the 1.2950 level. All in all, EUR remains biased to the upside in the nearer term