Daily Technical Outlook - page 6
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USDCHF- Reverses Weakness, Set To Extend Corrective Strength.
USDCHF: With the pair reversing its previous week loses to close higher above its trendline support, further upside offensive could follow in the new week. This development leaves USDCHF targeting the 0.9456 level followed by the 0.9511 level and then the 0.9600 level. Its weekly RSI is bullish and pointing higher supporting this view. The alternative scenario will be for a failure of its current recovery to occur. This if seen could turn attention to the 0.9304 level and ultimately the 0.9082 level with a violation of here turning focus to the 0.9200 level. Further down, support resides at the 0.9100 and then the 0.9000 level. Price hesitation may occur here due to its psychological importance. On the whole, the pair has triggered a strong corrective recovery suggesting further upside.
EURUSD: Outlook Higher Medium Term Despite Price Hesitation
EURUSD: EUR may have closed slightly lower the past week but continues to hold on to its medium term uptrend. It looks to extend its strength through its resistance at the 1.3403 level. If this is seen, further upside is likely towards the 1.3500 level followed by the 1.3480 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, on any pullback, the pair will aim at 1.3256 level where a violation will call for a run at the 1.3200 level. Further down, support comes in at the 1.3150 level and then the 1.3100 level. All in all, EUR continues to retain its broader medium term upside bias.
USDCAD: Recovering But Vulnerable.
USDCAD: Although a higher close was recorded the past week, the pair will have to break and above its declining trendline to convince the market of further upside. While the mentioned trendline caps upside, an eventual return to the 0.9814/22 levels is likely. A breach will aim at the 0.9692/31 levels followed by the 0.9500 level. On the upside, USDCAD will have to break and hold above the 0.9922/56 levels to reverse its broader bear threats. This if seen will call for a run at the 1.0055 level and then the 1.0081 level. Further out, resistance lies at the 1.0250 level. All in all, USDCAD remains biased to the downside below its trendline resistance.