Daily Technical Strategy On Currencies by FXTechstrategy
GBPUSD: Outlook Remains Higher On Corrective Recovery
GBPUSD: Having continued to hold on to its recovery bias by extending its strength during Wednesday trading session, further move higher is expected. On the upside, resistance resides at the 1.5700 level with a break aiming at the 1.5750 level. A violation will aim at the 1.5800 level and possibly higher towards the 1.5850 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.5600 level where a break if seen will aim at the 1.5550 level. A break of here will turn attention to the 1.5500 level. Further down, support lies at the 1.5450 level. On the whole, GBP looks to retain its recovery bias.
EURUSD: Risk Builds Up On With Eyes On 1.1128 Zone
EURUSD: Having EUR taken back most of its previous week losses to close flat the past week, we could see more recovery occurring in the new week. This development leaves risk higher in the new week though with caution. Support lies at the 1.0900 level where a violation will aim at the 1.0850 level. A break of here will aim at the 1.0600 level with a turn below that level targeting the 1.0550 level. Resistance is seen at 1.1050 level with a cut through here opening the door for more downside towards the 1.1100 level. Further up, resistance lies at the 1.1150 level where a break will expose the 1.1200 level. All in all, EUR remains biased to the downside medium term but faces a recovery higher.
GBPUSD: Sets To Recover Higher On Rejection Candle Formation
GBPUSD: GBP looks to recover higher following its rejection candle print on Friday. This development leaves the immediate risk higher with its lower level charts (see 4 hourly chart) turning higher. On the downside, support lies at the 1.5450 level where a break if seen will aim at the 1.5400 level. A break of here will turn attention to the 1.5350 level. Further down, support lies at the 1.5300 level. Conversely, resistance lies at the 1.5550 level with a break aiming at the 1.5600 level. A violation of that level will open the door for more strength towards the 1.5650 level. Further out, the 1.5700 level comes in as the next upside target. On the whole, GBP faces the risk of a recovery higher on correction.
USDCAD: With the pair reversing its Monday losses on Tuesday to lose strongly higher, it now faces further move higher towards its key resistance at 1.3212 level. We may see price hesitation at that level but if taken our expect more strength to build towards the 1.3200 level followed by the 1.3250 level. Further out, resistance comes in at the 1.3300 level where a turn lower may occur. But if further additional strength is triggered resistance comes in at the 1.3350 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.3100 level followed by the 1.3050 level. Further down, support resides at the 1.3000 level and then the 1.2950 level. All in all, USDCAD remains biased to the upside in the medium term.
USDCHF: With USDCHF turning lower on a strong sell-off on Wednesday, it now faces further corrective weakness in the days ahead. 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. Its daily RSI is bullish and pointing lower supporting this view. Resistance resides 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. All in all, the pair remains biased to the downside on corrective pullback
EURGBP- Corrective Recovery Remains Intact.
EURGBP- Despite the cross’s price hesitation on Thursday, it continues to maintain its corrective recovery outlook triggered off the 0.6950 low on August 05 2015. On the upside, resistance lies at the 0.7200 level where a violation if seen will turn risk towards the 0.7250 level. Further out, the 0.7300 level comes in as the next upside target followed by the 0.7350 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 0.7100 level where a violation will turn focus to the 0.7050 level. A break below here will expose the 0.7000 level. Further down, support comes in at the 0.6950 level. All in all, the cross is biased to the upside on further corrective recovery.
EURJPY: Remains On The Offensive With Eyes On 140.00 Level
EURJPY: The cross remains biased to the upside with eyes on its key resistance at the 140.00 level. This is coming on the back of recent bullish offensive following its corrective recovery triggered off the 133.29 level. Resistance lies at the 139.50 level followed by the 139.50 level where a break if seen will threaten further upside towards the 140.00. Further out, resistance resides at the 140.50 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 138.00 level where a break will aim at the 137.50 level. A turn below here will target the 137.00 level with a breach turning focus to the 136.50 level. All in all, the cross now faces upside risk on recovery.
GBPJPY: Bullish, Price Momentum Builds Up On 195.83 Level
GBPJPY: Having GBPJPY closed higher the past week, risk of further bullishness remains on the cards. This if seen will allow the cross to target the 195.83 level, representing its year-to-date high. Further out, resistance lies at the 197.00 level followed by the 198.00 level where a break will aim at the 199.00 level. A cut through here will aim at the 200.00 level with a break through here opening the door for more strength towards the 198.50 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 193.50 level where a violation will aim at the 193.00 level. A break below here will target the 192.00 level followed by the 191.00 level. All in all, the cross remains biased to the upside in the medium term.
EURCHF: Hesitates, Corrective Threat Develops
EURCHF: The cross may be biased to the upside in the medium term but its price failure taking back more than half of its gains the past week could trigger a full blown correction. Corrective signs are already seen on the daily chart. Support lies at the 1.0800 level where a break will aim at the 1.0750 level and then the 1.0700 level. A break below here will turn attention to the 1.0650 level. Conversely, resistance resides at the 1.0900 level where a break will aim at the 1.0950 level. A break of here will have to occur to create scope for a run at the 1.1000 level. Further out, resistance comes in at the 1.1050 level. All in all, EURCHF remains biased to the upside in the medium term but caution.
EURUSD: With EUR seeing closing higher the past week, it now faces the risk of following through higher in the new week. Note that we may see a slight pullback in the new week. Support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.0950 level with a turn below that level targeting the 1.0900 level. Resistance is seen at 1.1150 level with a cut through here opening the door for more downside 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, EUR remains biased to the upside on correction.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
USDCHF: Retains Recovery Risk
USDCHF: With the pair taking back almost all of its past week losses to close marginally higher, it faces the risk of a move higher in the new week. 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 then the 0.9450 level. A cut through here will open the door for additional weakness towards the 0.9400 level. Resistance resides at the 0.9650 level with a breach targeting the 0.9700 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9761 level. All in all, the pair remains biased to the upside on further strength.