Daily Technical Outlook - page 4
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USDCHF- Continues To Look Vulnerable.
USDCHF: The pair continues to hold on to its broader downside though closing marginally lower the past week. This development leaves the pair targeting the 0.9082 level on the cards where a breach will turn attention to the 0.9000 level. Price hesitation may occur here due to its psycho logical importance and turn the pair back up. However, if taken out, USDCHF will aim at the 0.8929 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, it will have to return above the 0.9382 level to annul its present downside pressure. This if seen will bring further upside offensive towards the 0.9456 level followed by the 0.9511 level and then the 0.9606 level. On the whole, the pair remains biased to the downside in the short term.
EURUSD: Hesitates But Still Retains Broader Upside Bias.
EURUSD: Although EUR may have closed slightly higher the past week following a back off higher prices, it continues to retain its medium term uptrend. On further upside offensive, Upside target resides at the 1.3306 level where a break will aim at the 1.3350 level and then the 1.3400 level. Its weekly RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, it will aim at the 1.2822 level. Below here stands another support at the 1.2660 level with a cut through there calling for a run at the 1.2498 level. All in all, EUR faces further upside threats in the new week.
USDJPY: Bull Pressure Remains In Force.
USDJPY: With the pair holding on to its medium term upside, it looks to return to the 84.60 level. A breach of here will call for a run at the 85.00 level where a violation will turn attention to the 86.00 level and possibly higher towards the 87.00 level, all representing its psycho levels. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 84.17 level followed by the 82.82 level where a reversal of roles as support is likely to occur. However, if this fails, support lies at the 81.44 level where a breach if seen will target the 80.63 level. All in all, USDJPY remains biased to the upside in the medium term.
EURGBP: Broader Bias Points To The Upside.
EURGBP: With the pair remaining bullish and targeting further upside, we look for price extension to aim at the 0.8219 level. A cut through here will call for a run at the 0.8268/75 levels where a breach will shift focus to the 0.8300 level. Its daily and weekly RSI are bullish and pointing higher suggesting further upside. Conversely, support lies at the 0.8163 level where a reversal of roles is likely to occur and turn it higher. However, if this fails to occur, the 0.8100 level will be targeted where a break will turn attention to the 0.7960/7 levels. All in all, the cross remains biased to the upside in the medium term.
EURUSD: Follows Through Higher, Pressure Builds On 1.3307 Level.
EURUSD: Having followed through higher on the back of its Tuesday gains in early trading today, EUR looks to extend its bullish offensive. In such a case, the 1.3307 level, representing its Dec 2012 high will be aimed at with a violation of here targeting further upside towards the 1.3350 level. Further out, resistance resides at the 1.3400 level, its psycho level. Its daily RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, it will target the 1.3158 level, its Dec 21’2012 low. Further down, support comes in at 1.3000 level and then the 1.2822 level. All in all, EUR faces further upside threats with eyes on the 1.3307 level.
EURUSD: Maintains Broader Upside, Looks To Recapture 1.3307 Level.
EURUSD: Despite its consolidation the past week, it managed to close higher, opening the door for a move higher towards the 1.3307 level, representing its Dec 2012 high. A break of here will target further upside towards the 1.3350 level. Further out, resistance resides at the 1.3400 level, its psycho level and possibly the 1.3500 level. Its daily RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, EUR will aim at the 1.3158 level, its Dec 21’2012 low. Further down, support comes in at 1.3000 level and then the 1.2822 level. All in all, EUR faces further upside threats with eyes on the 1.3307 level and beyond.
Dollar Index: Bearish, Maintains Short Term Downside.
US Dollar Index: With the Index remaining biased to the downside, the risk is for it to return to the 78.53/60 levels. A violation of this level will call for a run at its psycho level at 76.00 level with a break of here turning attention to the 75.00 level and then the 74.00 level, all representing its psycho level. The alternative scenario will be for the Index to return to the 80.09/49 levels. Further out, resistance resides at the 81.18 level with a break above here allowing for more upside towards the 82.72 level. All in all, the Index continues to face downside vulnerability in the short term.
GBPUSD: Bullish, Eyes Further Upside.
GBPUSD: With a two-day (clearly seen on the daily chart) rally seeing the pair extending its recovery from the 1.6078 level, there is risk of further upside in the days ahead. This will leave the pair aiming at the 1.6306 level with a cut through here allowing for more upside towards the 1.6350 level. Above here will call for a run at the 1.6400 level and then the 1.6500 level. Its weekly RSI are bullish and pointing higher suggesting further upside. On the downside, support lies at the 1.6100 level where a violation will call for a run at the 1.6000 level and next 1.5900 level. Further down, the 1.5827 level comes in as the next downside followed by the 1.5774/78 levels. On the whole, GBP continues to hold on to its upside bias in the medium.
EURUSD: Pressure Builds On Key Resistance.
EURUSD: With EUR on the verge of resuming its broader upside following its early morning rally, further upside offensive is expected in the days ahead. This leaves it targeting the 1.3307 level. Further out, resistance resides at the 1.3350 level followed by the 1.3400 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.3171/25 levels where a reversal of roles is likely to occur and turn it higher again. Further down, support is seen at the 1.3100 level followed by the 1.3000 level. All in all, EUR continues to retain its broader medium term upside bias.
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