Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team]

USDCHF: Declines On Corrective Pullback

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]

Special Focus On USDCAD

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]

Daily Technical Strategist On EURUSD

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]

Daily Technical Strategist On USDJPY

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]

The Week Ahead On USDCHF

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]

Weekly Technical Strategist On EURUSD

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]

Commodity Technical Outlook On GOLD

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]

Daily Technical Strategist On EURJPY

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]

Daily Technical Strategist On GBPJPY

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]

Daily Technical Strategist On USDCAD

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]

Daily Technical Strategist On USDJPY

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]

Daily Technical Strategist On GBPUSD

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

 

[dalat]

GBP will down in next week. now it to resistance. i hope i can get big profit with it

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

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]

Weekly Technical Strategist On EURUSD

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]

Daily Technical Strategist On AUDUSD

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]

Daily Technical Strategist On USDJPY

USDJPY: Turns Lower Ahead Of The 105.43 Level

USDJPY: With USDJPY turning ahead of its key resistance at the 105.43 level to close lower on Wednesday, it faces further decline. Resistance resides at the 105.43 level where a break will target the 106.00 level. Further out, resistance comes in at the 106.50 level where a violation will aim at the 107.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 104.50 level where a break if seen will aim at the 104.00 level. A break if it occurs will aim at the 103.50 followed by the 103.00 and then the 102.50 level. On the whole, USDJPY remains exposed to the upside long term.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

USDCHF: Rallies, Set To Extend Strength

USDCHF: With a sharp rally seeing USDCHF closing higher the past week, further bullishness is envisaged in the new week. On the upside, resistance resides at the 0.9350 level where a break will aim at the 0.9400 level. Further out, resistance comes in at the 0.9450 level. A breather may occur here and turn the pair lower but if taken out the 0.9500 level will be aimed at. On the downside, support lies at the 0.9250 level with a break targeting the 0.9200 level and then the 0.9150 level. Further down, support comes in at the 0.9100 level. A cut through here will target the 0.9050 level. All in all, the pair remains biased to the upside in the medium term

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Sets Up For More Decline

EURUSD: With a sharp sell off occurring the past week, further bearishness is envisaged. We may see corrective recovery in the new week. Support lies at the 1.2900 level where a break will expose the 1.2850 level. Below here will pave the way for a move lower towards the 1.2800 level. If this continues, expect further downside to occur towards the 1.2750 level. On the upside, resistance lies at the 1.3000 level where a break will aim at the 1.3050 level, its psycho level followed by the 1.3100 level. Further out, resistance comes in at the 1.3150 level. All in all, EUR remains biased to the downside in the medium term

 

[FXTechstrategy Team]

Technical Focus On USDCAD

USDCAD: Recovers Higher, Faces Further Upside Risk

USDCAD: With the pair remaining on the offensive, it faces further upside threats. This leaves the risk of a return to the 1.0942 level on the cards. Further out, resistance is seen at the 1.1000 level followed by the 1.1050 level. Above here if seen will aim 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. On the downside, support lies at the 1.0850 level followed by the 1.0800 level and then the 1.0750 level. A turn below here will create scope for a move lower towards the 1.0700 level and then the 1.0650 level. All in all, USDCAD continues to face further upside risk.