Daily Technical Strategy On Currencies & Commodities
USDCHF: Closes Higher, Looks To Resume Corrective Strength
USDCHF: Having the pair taken back all of its earlier losses for the week to close higher on Friday, more strength is expected in the new week. On the downside, support lies at the 0.9700 level. A turn below here will open the door for more weakness towards the 0.9650 level and then the 0.9600 level. On the upside, resistance resides at the 0.9800 level where a break will clear the way for more strength to occur towards the 0.9850 level. Further out, resistance comes in at the 0.9900 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on price recovery.
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EURUSD: With EURUSD following through lower on the back of its Thursday losses on Friday, further downside pressure is expected. Support lies at the 1.1300 level. Further down, support comes in at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will target the 1.1150 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1400 level with a cut through here opening the door for more upside towards the 1.1450 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level.. All in all, EURUSD faces a further move lower on price weakness.