official Daily Technical Strategy On Currencies & Commodities

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USDCHF: Extends Bull Pressure, Eyes 1.0000 Zone

USDCHF: The pair looks to extend its upside pressure leaving of bull pressure. On the downside, support lies at the 0.9950 level. A turn below here will open the door for more weakness towards the 0.9900 level and then the 0.9850 level. 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. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF faces further price strength.

 

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EURUSD: Bearish, Targets Further Weakness

EURUSD: With the pair closing further lower on Wednesday, it now looks to weaken further in the days ahead. This exposes its support located at 1.0700 level. Resistance comes in at 1.0800 level with a cut through here opening the door for more upside towards the 1.0850 level. Further up, resistance lies at the 1.0900 level where a break will expose the 1.0950 level. Conversely, support lies at the 1.0700 level where a violation will aim at the 1.0650 level. A break of here will aim at the 1.0600 level. All in all, EURUSD faces further pullback threats.

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USDCHF: Remains On The Offensive With Eyes On 1.0100 Zone

USDCHF: The pair looks to extend its upside pressure after closing strongly higher the past week. On the downside, support lies at the 0.9950 level. A turn below here will open the door for more weakness towards the 0.9900 level and then the 0.9850 level. On the upside, resistance resides at the 1.0100 level where a break will clear the way for more strength to occur towards the 1.0150 level. Further out, resistance comes in at the 1.0200 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF faces further price strength.
 

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EURUSD: Bearish, Threatens Further Weakness

EURUSD: With the pair closing lower the past week, it now looks to weaken further as we enter a new week. Resistance comes in at 1.0700 level with a cut through here opening the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level. All in all, EURUSD faces further bear threats.
 

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GOLD: Loses Upside Steam, Vulnerable

GOLD: The commodity faces downside pressure after rejecting higher prices the past week. 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. 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 strengthen further but with caution.
 

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USDJPY: Bearish, Weakens Further

USDJPY: The pair declined further as it extended its weakness on Tuesday. On the downside, support comes in at the 110.00 level where a break if seen will aim at the 109.50 level. A cut through here will turn focus to the 109.00 level and possibly lower towards the 108.50 level. On the upside, resistance resides at the 111.00 level. Further out, we envisage a possible move towards the 111.50 level. Further out, resistance resides at the 112.00 level with a turn above here aiming at the 112.50 level. On the whole, USDJPY looks to weaken further.

 

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EURUSD: Halts Weakness, Eyes Recovery Higher

EURUSD: With the pair closing marginally higher on Tuesday, more strength is expected as long as it trades above the 1.0635 level. Resistance comes in at 1.0700 level with a cut through here opening the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. Conversely, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level. All in all, EURUSD faces more bear threats.

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USDCHF: Bullish, Recovers Further Higher

USDCHF: The pair looks to recover further following a follow through higher the past week. On the downside, support lies at the 1.0000 level. A turn below here will open the door for more weakness towards the 0.9900 level and then the 0.9950 level. On the upside, resistance resides at the 1.0150 level where a break will clear the way for more strength to occur towards the 1.0200 level. Further out, resistance comes in at the 1.0250 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF faces further price recovery.
 

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EURUSD: Bearish, Sees Second Weak Of Weakness

EURUSD: With the pair weakening further the past week, more decline is envisaged in the new week. Resistance comes in at 1.0650 level with a cut through here opening the door for more upside towards the 1.0700 level. Further up, resistance lies at the 1.0750 level where a break will expose the 1.0800 level. Conversely, support lies at the 1.0550 level where a violation will aim at the 1.0500 level. A break of here will aim at the 1.0450 level. Its weekly RSI is bearish and pointing lower supporting this view. All in all, EURUSD faces further bear threats in the new week.

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GOLD: Rejects Higher Prices, Vulnerable

GOLD: The commodity faces downside pressure after rejecting higher prices the past week.  as it retains its medium term uptrend. On the downside, support comes in at the 1,250.00 level where a break will turn attention to the 1,240.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,230.00 level. Below here if seen could  trigger further downside pressure targeting the  1,220.00 level. 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 strengthen further but with caution.
 

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GBPUSD: Hesitates But Retains Short Term Downside Pressure

GBPUSD: With the pair retaining its downside pressure, more weakness is likely. This view remains valid despite its price hesitation. Support lies at the 1.2350 level where a break will turn attention to the 1.2300 level. Further down, support  lies at the 1.2250 level. Below here will set the stage for more weakness towards the 1.2200 level. Conversely, resistance stands at the 1.2450 levels with a turn above here allowing more strength to build up towards the 1.2500 level. Further out, resistance  resides at the 1.2550 level followed by the 1.2600 level. On the whole, GBPUSD continues to face downside pressure short term.
 

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EURUSD: Bearish, Broader Bias Remains Lower

EURUSD: With the pair remaining weak and vulnerable despite its price hesitation on Tuesday, more weakness is envisaged. Resistance comes in at 1.0650 level with a cut through here opening the door for more upside towards the 1.0700 level. Further up, resistance lies at the 1.0750 level where a break will expose the 1.0800 level. Conversely, support lies at the 1.0550 level where a violation will aim at the 1.0500 level. A break of here will aim at the 1.0450 level. All in all, EURUSD faces further bear threats in the days ahead.
 

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EURUSD: Bearish, Retains Its Downside Pressure

EURUSD: With the pair continuing to retain its downside pressure, more weakness is expected in the days ahead. Resistance comes in at 1.0650 level with a cut through here opening the door for more upside towards the 1.0700 level. Further up, resistance lies at the 1.0750 level where a break will expose the 1.0800 level. Conversely, support lies at the 1.0550 level where a violation will aim at the 1.0500 level. A break of here will aim at the 1.0450 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EURUSD faces further bear threats in the new week.

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GOLD: Biased To Upside In The  Short Term

GOLD: The commodity strengthened further the past week leaving risk of more gains on the cards on the cards. On the downside, support comes in at the 1,280.00 level where a break will turn attention to the 1,270.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,260.00 level. Below here if seen could  trigger further downside pressure targeting the  1,250.00 level. Conversely, resistance resides at the 1,290.00 level where a break will aim at the  1,300.00 level. A turn above there will expose the  1,310.00 level. Further out, resistance stands at  the 1,320.00 level. Its weekly RSI is bullish and pointing higher suggesting further up[side pressure. All in all, GOLD looks to strengthen further.
 

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GBPUSD: Rallies To Close The Week Higher.

GBPUSD: With the pair continuing to hold on to its corrective recovery following its past week gains, more strength is envisaged in the new week. Support lies at the 1.2750 level where a break will turn attention to the 1.2700 level. Further down, support  lies at the 1.2650 level. Below here will set the stage for more weakness towards the 1.2600 level. Conversely, resistance stands at the 1.2850 levels with a turn above here allowing more strength to build up towards the 1.2900 level. Further out, resistance  resides at the 1.2950 level followed by the 1.3000 level. On the whole, GBPUSD continues to face upside pressure.
 

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EURUSD:Recovers, Threatens Further Upside Pressure 

EURUSD: With the pair retaining its upside pressure, more strength is expected. Resistance comes in at 1.0750 level with a cut through here opening the door for more upside towards the 1.0800 level. Further up, resistance lies at the 1.0850 level where a break will expose the 1.0900 level. Conversely, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level. All in all, EURUSD faces further bear threats.
 

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CRUDE OIL: Vulnerable, Retains Bearish Bias

CRUDE OIL: The commodity looks to weaken further after selling off the past week. On the downside, support resides at the 49.00 level where a break will expose  the 48.00 level. A cut through here will set  the stage for a run at the 47.50 level. Further down, support resides at the 47.00  level. On the upside, resistance resides at the 50.00 level. Further out, resistance  comes in at the 50.50 level. A break above  here will aim at the 51.00 level and then  the 51.50 level followed by the 52.00 level. All in all, CRUDE OIL remains biased to the downside.
 

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USDJPY: Bullish, Continues To Retain Recovery Threats

USDJPY: The pair now faces bullish risk following its gap higher on Monday. On the downside, support comes in at the 110.00 level where a break if seen will aim at the 109.50 level. A cut through here will turn focus to the 109.00 level and possibly lower towards the 108.50 level. On the upside, resistance resides at the 111.00 level. Further out, we envisage a possible move towards the 111.50 level. Further out, resistance resides at the 112.00 level with a turn above here aiming at the 112.50 level. On the whole, USDJPY looks to recover further higher.
 

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GOLD: Vulnerable, Risk Remains Lower

GOLD: The commodity continues to hold on to its downside pressure on correction. 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 1,270.00 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.

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USDCHF: Turns Off Lower Level Prices

USDCHF: The pair closed higher on Friday following its turn off lower prices. This development now leaves it targeting further upside in the new week. 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. 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. All in all, USDCHF faces further recovery risk though with caution.