Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

EURGBP- Unless EURGBP resumes its corrective recovery triggered off the 0.8157 level, the risk is for it to return to the 0.8190 level. Below here if seen will open the door for a return to the 0.8157 level, its Feb 17 2014 low. Further down, support is seen at the 0.8100 level with a turn below here will aim at the 0.8050 level and possibly lower towards the 0.8000 level. Immediate resistance comes in at the 0.8265 level where a break if it occurs will target the 0.8300 level. Further out, resistance stands at the 0.8349 level. Followed by the 0.8385 level, its Jan 15 2014 high where a violation will trigger further upside towards the 0.8400 level, its psycho level and next the 0.8450 level, its psycho level. All in all, the cross remains biased to the downside on further weakness.

 

[FXTechstrategy Team 10]

USDCHF: Weakens, Extends Bearishness.

 

USDCHF: With a third-week of decline as occurring the past week, further weakness is likely towards the 0.8798 level, its Dec 27 2013 low. Further down, support lies at the 0.8750 level with a cut through here paving the way for a run at the 0.8700 level, its big psycho level. Below here if seen will set the stage for more weakness towards the 0.8650 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to resume its short term uptrend now on hold, it will have to overcome its resistance residing at the 0.9037 level. This if seen could force further upside towards 0.9081 levels followed by the 0.9156 level, its Jan 21 2014 high. Further out, resistance resides at the 0.9200 level, its psycho. All in all, the pair remains biased to the downside medium term.

 

[FXTechstrategy Team 10]

EURUSD: Bullish, Eyes Further Upside Pressure.

 

EURUSD: With EUR maintaining its bullish bias, further gain is envisaged in the new week. Resistance resides at the 1.3800 level where a violation will turn attention to the 1.3850 level and then the 1.3900 level, its psycho level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, to annul its past week gains it will have to return above the 1.3685 level. Further down, support is seen at the 1.3600 level and then the 1.3561 level where a break will turn focus to the 1.3476 level. A cut through will pave the way for a run at the 1.3400 level, representing its psycho level. All in all, EUR remains biased to the upside on further recovery.

 

[FXTechstrategy Team 10]

GOLD: Remains Biased To The Upside

 

GOLD: With GOLD maintaining its upside bias, we expect further strength to occur in the new week. However, it will have to retake the 1,332.09/1,328.00 levels to create scope for more upside. Further out, resistance resides at the 1,350.00 level with break of here turning focus to the 1,400.00 level. Additionally, resistance stands at the 1,450.00 level, its psycho level and possibly higher towards the 1,480.00 level. Conversely, the risk to this analysis will be a return to the 1,300.00 level. We expect that level to hold and turn the pair higher. However, if this fails to occur, expect more weakness to happen towards the 1,231.48 level. Further down, support comes in at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent the commodity from declining further towards the 1,182.33 level, its Dec 31’2013 low. All in all, GOLD remains biased to the upside in the medium term.

 

[FXTechstrategy Team 10]

EURUSD: Hesitates But Eyes The 1.3772 Level.

 

EURUSD: Though maintaining its broader upside, it requires a break and hold above the 1.3772 level to trigger that trend. Above here will turn attention to the 1.3800 level, its psycho level. Further out, resistance comes in at the 1.3893 level, its Dec 27 2013 high. A turn above here will pave the way for a run at the 1.3950 level and next the 1.4000 level. This view is consistent with its long term uptrend. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.3739 level where a break will turn focus to the 1.3673 level. Further down, support lies at the 1.3600 level and then the 1.3561 level, its Feb 12 2014 level. All in all, EUR remains biased to the upside below its broken trendline.

 

[FXTechstrategy Team 10]

USDJPY: Pressure Builds On The 102.82 Level

 

USDJPY: With USDJPY reversing its Tuesday losses, further upside is expected towards the 102.82 level. A cut through here will open the door for more gain towards the 103.43 level, its Jan 29 2014 high. Above here will set the stage for a run at the 104.oo level. Further out, resistance comes in at the 104.50 level and then the 105.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support stands at 102.00 level where a violation will expose the 101.43 level, its Feb 07 2014 low. Further down, support stands at the 100.00 level with a cut through here paving the way for a run at the 99.50 level. A loss of that level will turn attention to the 99.00 level, its big psycho level. On the whole, USDJPY remains exposed to the upside for more strength

 

[FXTechstrategy Team 10]

EURUSD: Weakens, Eyes Further Downside.

 

EURUSD: While EUR maintains an immediate downside pressure, its broader medium term upside bias remains intact. However, the pair should face further weakness before eventually putting in a bottom. Support comes in at the 1.3600 level , its psycho level with a breach of here paving the way for a run to the downside towards the 1.3561 level, its Feb 12 2014 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, EUR will have to retake the 1.3695 level to halt its present decline. This if seen could force further upside towards the 1.3772 level. Above here will turn attention to the 1.3800 level, its psycho level. Further out, resistance is located at the 1.3893 level, its Dec 27 2013 high. A turn above here will expose the 1.3950 level and next the 1.4000 level. All in all, EUR remains biased to the downside on pullbacks

 

[FXTechstrategy Team 10]

EURUSD: Resumes Medium Term Uptrend.

 

 

EURUSD: With bullish upside triggered pushing EUR through the 1,3772 level, further strength is now envisaged. As long as it can trade and hold above the 1.3772 level, we look for price extension towards the 1.3850 level. Further out, resistance is located at the 1.3893 level, its Dec 27 2013 high. A turn above here will expose the 1.3950 level and next the 1.4000 level. Its daily RSI bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.3772 level where a reversal of roles is expected to turn the pair back up. However, if that fails expect more decline to occur towards the 1.3642 level , its psycho level with a breach of here paving the way for a run the downside the 1.3561 level, its Feb 12 2014 level. All in all, EUR remains biased to the upside having resumed its broader uptrend.

 

[FXTechstrategy Team 10]

USDCHF: Sees Further Bearish Momentum.

 

USDCHF: With continued weakness seeing USDCHF testing a low of 0.8776 before closing lower at the 0.8801 level on Friday, further decline remains intact. It requires a break and close below the 0.8798 level, its Dec 27 2013 low and the 0.8776 level, its past week low to decline further. Further down, support lies at the 0.8750 level with a cut through here paving the way for a run at the 0.8700 level, its big psycho level. Below here if seen will set the stage for more weakness towards the 0.8650 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to reduce its downside pressure it will have to return to the 0.8929 level followed by its resistance residing at the 0.9037 level. This if seen could force further upside towards 0.9081 levels followed by the 0.9156 level, its Jan 21 2014 high. Further out, resistance resides at the 0.9200 level, its psycho. All in all, the pair remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

GBPUSD: Retains Broader Upside Bias Despite Hesitation.

 

GBPUSD: Though seen hesitating, we still look for the pair to resume its bullish strength triggered off the 1.6583 level. Note that the fact that it has reversed most of intra day losses suggests that its broader upside bias remains intact and trend resumption is imminent. Immediate resistance resides at the 1.6768 level, its Feb 28 2014 high where a break will turn focus to the 1.6822 level and then the 1.6850 level, its psycho level. Further out, resistance stands at the 1.6900 level. Its daily RSI is bullish and pointing higher suggesting further upside. Conversely, support lies at the 1.6675 level, its Feb 28 2014 low where a cut through here will pave the way for a run at the 1.6600 level. Further down, support comes in at 1.6550 level where a break will aim at the 1.6500 level. Further down, support lies at the 1.6450 level and possibly lower towards the 1.6400 level. On the whole, GBP continues to retain its medium term upside.

 

[FXTechstrategy Team 10]

EURUSD: Halts Decline, Recovers Higher.

 

EURUSD: With EUR halting its Monday losses and triggering a recovery, the challenge is for it to retake the 1.3772 level broken during Monday trading. If eventually this is seen, further gains could occur towards the 1.3824 level, its Feb 28 2014 high. Above here will pave the way for a run at the 1.3893 level, its Dec 27 2013 high. A turn above here will expose the 1.3950 level and next the 1.4000 level. On the downside, support lies at the 1.3720 level with a violation of here targeting the 1.3698 level, its Feb 28 2014 low where a break will turn focus to the 1.3642 level , its psycho level. A cut through here will aim at the 1.3561 level, its Feb 12 2014 level. All in all, EUR remains biased to the upside in the medium term.

[FXTechstrategy Team 10]

USDJPY: Bull Pressure Builds Up

 

USDJPY: With the pair seen building on its Tuesday rally, further bullish offensive is expected towards the 102.82 level. A cut through here will pave the away for a run at the 103.43 level, its Jan 29 2014 high. Above here will set the stage for a push further higher towards the 104.oo level. Further out, resistance comes in at the 104.50 level and then the 105.00 level, its psycho level. Its daily RSI is bullish and pointing higher supporting this view. Support comes in at the 102.00 level, its psycho level. Further down, support stands at the 101.50 level followed by the 100.00 level with a cut through here opening the door for a run at the 99.50 level. A loss of that level will turn attention to the 99.00 level, its big psycho level. On the whole, USDJPY remains exposed to the upside on further strength

 

[FXTechstrategy Team 10]

USDCAD: Bearish, Sets Up To Extend Weakness.

 

USDCAD: Although hesitating following its Thursday weakness, it continues to look weak and vulnerable in the short term. Further down, support lies at the 1.0950 level, its psycho level. A cut through here will aim at the 1.0909 level, marking its Feb 19 2014 low. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.1061 level where a reversal of roles is likely but if taken out, resistance resides at the 1.1159 level and then the 1.1192 level. This if seen will aim at the 1.1222 level. Further out, resistance resides at the 1.1300 level. All in all, USDCAD continues to face further bullishness.

 

[FXTechstrategy Team 10]

USDCHF: Bearish, Eyes Further Downside With Caution

 

USDCHF: With USDCHF giving back its earlier gains for the week to close lower marginally lower the past week, more decline is likely in the week. This is with a lot of caution. Support comes in at the 0.8700 level, its psycho level. Below here will set the stage for further weakness towards the 0.8650 level. Further down, support is located at the 0.8600 level and then the 0.8568 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, resistance resides at the 0.8895 level where a break will clear the way for a run at the 0.8950 level. Further out, resistance resides at the 0.9050/81 levels followed by the 0.9100 level. All in all, the pair remains biased to the downside medium term.

 

[FXTechstrategy Team 10]

EURUSD: Maintains Bullish Tone

 

 

EURUSD: Having closed strongly higher for a fourth week in a row, further bullish offensive is likely. As long as it can trade and hold above the 1.3824 level, we look for the pair to strengthen further towards the 1.3914 level where a violation will turn attention to the 1.3950 level and then the 1.4000 level, its psycho level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3824 level where a break will expose the 1.3772 level. Further down, support lies at the 1.3685 level followed by the 1.3600 level and then the 1.3561 level. All in all, EUR remains biased to the upside on further recovery.

 

[FXTechstrategy Team 10]

USDJPY: Bearish On Corrective Pullbacks.

 

USDJPY: The pair has triggered a correction and looks to extend it further in the days ahead. On the downside, support comes in at the 102.26 level, its Feb 26’2014 high. Further down, support stands at 101.50 level and then the 101.00 level with a turn below here switching focus to the 100.75 level, its Feb 04 2014 low. It daily RSI is bearish and pointing lower suggesting further weakness. On the other hand, resistance is initially seen at the 103.09 level where a break will target the 103.75 level. A cut through here will pave the way for a run at the 104.50 level and then the 105.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, USDJPY remains exposed to the downside on correction.

 

[FXTechstrategy Team 10]

EURUSD: Bullish, Resumes Long Term Uptrend.

 

EURUSD: With EUR following through higher on the back of its Wednesday gains, further strength is likely. Resistance resides at the 1.4000 level where we may see the bears come in and push the pair lower. However, if this fails to occur, further strength could build up towards the 1.4050 level, its psycho level. Further out, resistance lies at the 1.4100 level. Its daily RSI is bullish and pointing higher supporting this view. On pullbacks, support comes in at the 1.3914 level where a reversal of roles as support is likely. Further down, support stands at the 1.3824 level where a break will expose the 1.3772 level. Additionally, support lies at the 1.3685 level followed by the 1.3600 level and then the 1.3561 level. All in all, EUR remains biased to the upside long term.

 

[FXTechstrategy Team 10]

USDCHF: Bearish, Sees Further Weakness.

 

USDCHF: With the pair extending its weakness the past week, further downside is expected in the new week. However, it may begin to look for corrective recovery since the mentioned weakness is overextended. On the other hand, support comes in at the 0,8698 level with a break and hold below here resuming its medium term downtrend towards the 0.8650 level. Further down, support is located at the 0.8600 level and then the 0.8568 level and then the 0.8500 level. On the upside, resistance resides at the 0.8804 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 followed by the 0.9100 level. All in all, the pair remains biased to the downside medium term but faces recovery risk.

 

[FXTechstrategy Team 10]

EURUSD: Bullish But With Caution

 

EURUSD: Having EUR managed to closed higher the past week after testing a high of 1.3966 level, risk points higher. However, with the 1.4000 level resistance nearby it may continue to fail ahead of that level with downside risk envisaged. Resistance resides at the 1.3966 level, its Mar 13 2014 high with a cut through there paving 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. Conversely, resistance resides at the 1.4050 level and then the 1.4100 level. On the downside, support lies at the 1.3833 level and then the 1.3800 level. Below here will aim at the 1.3772 level. Further down, support comes in at the 1.3685 level. All in all, EUR remains biased to the upside on further recovery.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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

 

[FXTechstrategy Team 10]

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

 

[FXTechstrategy Team 10]

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.

 

[FXTechstrategy Team 10]

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.