Daily Technical Strategy On Currencies - page 2
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I think that the time when USD was biased on the upside against any other currency is fading fast
I think that the time when USD was biased on the upside against any other currency is fading fast
Very, very fast ...
EURUSD: Presses Higher, Pressure Turns On The 1.4466 Level.
EURUSD: With EUR seeing a strong rally the past week, we envisage more strength in the new. However, note that a consolidation with a pullback may occur. Support lies at the 1.1300 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.1250 level with a turn below that level targeting the 1.1200 level. Conversely, resistance is seen at 1.1450 level with a cut through here opening the door for more downside towards the 1.1500 level. Further up, resistance lies at the 1.1550 level where a break will expose the 1.1600 level. All in all, EUR remains biased to the upside on correction.
USDCHF: Bull Pressure Opens Up Further Strength.
USDCHF: The pair closed higher off its low at the 0.9257 level to open the door for more strength in the new week. On the upside, resistance resides at the 0.9700 level with a breach targeting the 0.9798 level. A respite may occur here and turn the pair lower but if taken out, expect a push further higher towards the 0.9800 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 0.9550 level. A turn below here will open the door for more weakness to occur towards the 0.9500 level and followed by the 0.9450 level. A cut through here will clear the way for additional weakness towards the 0.9400 level. All in all, the pair remains biased to the upside.
EURUSD: Bias Remains To The Downside
EURUSD: EUR lost its upside momentum to close lower the past week leaving further downside pressure on the cards in the new week. However, note that a consolidation with a pullback higher may occur. Support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen at 1.1250 level with a cut through here opening the door for more downside 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, EUR remains biased to the upside on correction.
GBPUSD: GBP sold off strongly the past week leaving risk of more declines. However, we think while its key support at the 1.5329 level holds as support a move higher on recovery should occur. On the downside, support lies at the 1.5300 level where a break if seen will aim at the 1.5250 level. A break of here will turn attention to the 1.5200 level. Further down, support lies at the 1.5150 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.5450 level with a turn above here allowing more strength to build up towards the 1.5500 level. Further out, resistance resides at the 1.5550 level followed by the 1.5600 level. On the whole, GBP faces the risk of further weakness.
USDCAD: With USDCAD seen taking back its intra day gains during Monday trading session, risk of more weakness is now envisaged. Resistance resides at the 1.3212 level where a break will target the 1.3250 level. Further out, resistance comes in at the 1.3300 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3350 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the downside, support lies at the 1.3150 level followed by the 1.3000 level. Further down, support resides at the 1.2950 level and then the 1.2900 level. All in all, USDCAD remains biased to the downside below its key support at 1.3352 level.
USDCHF: Threatening Further Bullishness
USDCHF: With USDCHF strengthening further on Thursday, it looks to target further upside pressure. On the downside, support comes in at the 0.9700 level. A turn below here will open the door for more weakness to occur towards the 0.9650 level and then the 0.9600 level. A cut through here will open the door for additional weakness towards the 0.9550 level. On the other hand, resistance lies at the 0.9800 level with a breach targeting the 0.9850 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9900 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, the pair remains biased to the upside medium term.