official Daily Technical Strategy On Currencies & Commodities

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USDCHF: Closes Higher, Looks To Resume Corrective Strength

 

 

 

 

USDCHF: Having the pair taken back all of its earlier losses for the week to close higher on Friday, more strength is expected in the new week. On the downside, support lies at the 0.9700 level. A turn below here will open the door for more weakness towards the 0.9650 level and then the 0.9600 level. On the upside, resistance resides at the 0.9800 level where a break will clear the way for more strength to occur towards the 0.9850 level. Further out, resistance comes in at the 0.9900 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on price recovery.

 

 

 

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GBPJPY: Risk Remains Lower Medium Term

GBPJPY: The cross continues to face downside pressure as we enter a new week. On the downside, support comes in at the 155.00 level where a violation will aim at the 154.00 level. A break below here will target the 153.00 level followed by the 152.00 level. Conversely, resistance is seen at the 156.00 level followed by the 157.00 level. A cut through that level will set the stage for a move further higher towards the 158.00 level. Further out, resistance resides at the 159.00 level. All in all, GBPJPY looks to weaken further following a loss of its upside momentum.

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GOLD Looks For Directional Bias

GOLD: Though vulnerable to the downside on correction, the commodity is now looking for directional bias on the daily chart. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00 level. Conversely, resistance resides at the 1,275.00 level where a break will aim at the 1,280.00 level. A turn above there will expose the 1,290.00 level. Further out, resistance stands at the 1,300.00 level. All in all, GOLD looks to weaken further correction.

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GBPUSD: Short Term Bias Remains Lower Despite Hesitation

GBPUSD: The pair closed lower the past week leaving risk of additional weakness on the card in the new week. Despite its present price hesitation, short term risk remains lower. On the downside, support lies at the 1.4300 level where a break will turn attention to the 1.4250 level. Further down, support lies at the 1.4200 level. Below here will set the stage for more weakness towards the 1.4150 level. Conversely, resistance stands at the 1.4400 levels with a turn above here allowing more strength to build up towards the 1.4450 level. Further out, resistance resides at the 1.4500 level followed by the 1.4550 level. On the whole, GBPUSD remains vulnerable short term.

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EURUSD Faces Downside Pressure On Bear Pressure

EURUSD: With EURUSD continuing to maintain its downside pressure, further downside pressure is likely. Support lies at the 1.1250 level. Further down, support comes in at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will target the 1.1100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EURUSD faces a move lower on bear pressure.

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GOLD Loses Upside Momentum, Vulnerable

GOLD: Having lost its upside momentum to close on a rejection candle on Monday, further weakness is envisaged. On the downside, support comes in at the 1,265.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure targeting the 1,240.00 level. Conversely, resistance resides at the 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,310.00 level. All in all, GOLD looks to weaken further correction.

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USDCHF Targets Further Bullishness On Bull Pressure

USDCHF: Having the pair strengthened further on Tuesday, further move higher is expected in the days ahead. On the downside, support lies at the 0.9750 level. A turn below here will open the door for more weakness towards the 0.9700 level and then the 0.9650 level. On the upside, resistance resides at the 0.9850 level where a break will clear the way for more strength to occur towards the 0.9900 level. Further out, resistance comes in at the 0.9950 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on price strength.

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EURUSD Looks To Extend Its Bear Pressure

EURUSD: With EURUSD selling off strongly on Wednesday, we envisage more weakness in the days ahead. Support lies at the 1.1150 level. Further down, support comes in at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will target the 1.1000 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EURUSD faces further move lower on bear pressure.

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EURGBP: Retains Its Downside Pressure Bias

EURGBP- With the cross selling off on Wednesday and following through on Thursday, further decline is expected. Resistance resides at the 0.7700 level where a violation if seen will turn risk towards the 0.7740 level. On further upside, the 0.7780 level comes in as the next upside target followed by the 0.7820 level. Support comes in at 0.7600 level. Further down, support lies at the 0.7550 level where a violation will turn focus to the 0.7500 level. A break will expose the 0.7460 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, EURGBP remains vulnerable to the downside

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GBPUSD Trades Below Its Key Overhead Resistance

GBPUSD: The pair continues to retain its bull pressure but with caution ahead of its key resistance at 1.4769 level. If it fails to build up on its recent strength we could see it head lower. On the downside, support lies at the 1.4550 level where a break will turn attention to the 1.4500 level. Further down, support lies at the 1.4450 level. Below here will set the stage for more weakness towards the 1.4400 level. Conversely, resistance stands at the 1.4650 levels with a turn above here allowing more strength to build up towards the 1.4700 level. Further out, resistance resides at the 1.4750 level followed by the 1.4800 level. On the whole, GBPUSD is recovering further higher though with caution.

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USDCHF Remains Bullish On Correction

USDCHF: Having the pair closed higher the past week, we expect it extend that recovery in the new week. On the downside, support lies at the 0.9800 level. A turn below here will open the door for more weakness towards the 0.9750 level and then the 0.9700 level. On the upside, resistance resides at the 0.9950 level where a break will clear the way for more strength to occur towards the 1.0000 level. Further out, resistance comes in at the 1.0050 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on price strength.

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EURUSD: Maintains Downside Pressure But With Caution

EURUSD: With EURUSD weakening for a third week in a row, more downside pressure is envisaged. Support lies at the 1.1150 level. Further down, support comes in at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will target the 1.1000 level. Conversely, on the upside, resistance comes in at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EURUSD remains biased to the downside on further weakness but could see a recovery higher in the new week.

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GOLD Declines On Continued Correction

GOLD: With GOLD extending it corrective weakness the past week, further decline is envisaged. However, with its price action on Thursday and Friday, we may see it return into its consolidation range. On the downside, support comes in at the 1,240.00 level where a break will turn attention to the 1,230.00 level. Further down, a cut through here will open the door for a move lower towards the 1,220.00 level. Below here if seen could trigger further downside pressure targeting the 1,210.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,260.00 level where a break will aim at the 1,270.00 level. A turn above there will expose the 1,280.00 level. Further out, resistance stands at the 1,290.00 level. All in all, GOLD looks to weaken further on further correction.

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EURJPY: Weakens Below Its Consolidation Range.

EURJPY: With the cross breaking and trading below its consolidation range, risk of more weakness is likely in the days ahead. Support comes in at the 122.00 level where a break will aim at the 121.50 level. A turn below here will target the 121.00 level with a breach turning focus to the 120.50 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 123.00 level. Further out, resistance comes in at the 123.50 level where a break if seen will threaten further upside towards the 124.00. Further out, resistance resides at the 124.50 level. All in all, EURJPY eyes further bearishness having declined during Monday trading session.

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EURUSD Faces Downside Pressure In The Short Term EURUSD: With EURUSD weakening during Tuesday trading session, further decline is expected in the days ahead. Support lies at the 1.1150 level. Further down, support comes in at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will target the 1.1000 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EURUSD faces a move lower on further bear pressure.

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USDJPY: Bullish But Hesitates Ahead Of Key Resistance

USDJPY: With USDJPY continuing to hold on to its upside pressure, more recovery higher is expected though hesitating. While the 110.58 zone remains unbroken, we may continue to price hesitation. On the downside, support comes in at the 109.00 level where a break if seen will aim at the 108.50 level. A cut through here will turn focus to the 108.00 level and possibly lower towards the 107.50 level. On the upside, resistance resides at the 110.50 level. Further out, we envisage a possible move towards the 111.00 level. Further out, resistance resides at the 111.50 level with a turn above here aiming at the 112.00 level. On the whole, USDJPY looks to build up on price recovery but with caution.

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AUDUSD Looks To Recover Further Higher

AUDUSD. With the pair rejecting lower level prices on Thursday, further bullishness is likely. On the downside, support resides at the 0.7200 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7050 level. On the upside, resistance lies at the 0.7300 level. A cut through here will turn attention to the 0.7350 level and then the 0.7400 level where a violation will set the stage for a retarget of the 0.7450 level. Its daily RSI has turned higher suggesting more strength. On the whole, AUDUSD remains biased to the upside on price failure.

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NZDUSD: Having the pair halted its weakness and continued to hold above its Thursday low at the 0.6691 level, there is risk of a follow through higher. Support lies at the 0.6700 level where a break will aim at the 0.6650 level. Further down, the 0.6600 level comes in as the next downside target. Conversely, resistance resides at the 0.6800 level where a break will aim at the 0.6850 level. A break of here will have to occur to create scope for a run at the 0.6900 level. Further out, resistance stands at the 0.6950 level. All in all, NZDUSD faces further upside threats on recovery.

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USDCHF: Looks To Extend Gains On Higher Weekly Close

USDCHF: Having the pair extended its bullish offensive to close higher at the end of the week, more strength is envisaged. On the downside, support lies at the 0.9900 level. A turn below here will open the door for more weakness towards the 0.9850 level and then the 0.9800 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at the 1.0000 level where a break will clear the way for more strength to occur towards the 1.0050 level. Further out, resistance comes in at the 1.0100 level and then the 1.0150 level. All in all, USDCHF remains biased to the upside on price strength.

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EURUSD Looks To Weaken Further On Bear Pressure

EURUSD: With EURUSD weakening for a fourth week in a row, more downside pressure is expected in the new week. Support lies at the 1.1050 level. Further down, support comes in at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will target the 1.0900 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. All in all, EURUSD remains biased to the downside on more decline.