Daily Technical Strategy On Currencies & Commodities

[FXTechstrategy]

USDCHF Weakens On Price Sell Off With Eyes On 1.0100

USDCHF weakens on price sell off with eyes on 1.0100 support level. On the downside, support is seen at the 1.0100 level. A turn below here will set the stage for more decline towards the 1.0050 level. And then the 1.0000 level. Further down, support resides at the 0.9950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1.0200 level. Above here, resistance lies at the 1.0250 level and then the 1.0300 level. Further out, resistance comes in at the 1.0350 level. All in all, USDCHF continues to eye further downside pressure towards the 1.0100 support level

 

[FXTechstrategy]

EURGBP Looks To Extend Gain On Price Reversal

EURGBP looks to extend gain on price reversal following its strong rally the past week. On the downside, support stands at the 0.8600 level where a violation will turn focus to the 0.8550 level. A break below here will aim at the 0.8500 level. Conversely, resistance lies at the 0.8650 level. A violation if seen will turn risk towards the 0.8700 level. Further up, resistance comes in at 0.8750 level followed by the 0.8800 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. All in all, EURGBP looks to extend gain on price reversal after its past week rally.

 

[FXTechstrategy]

EURUSD Outlook Still Points Higher On Recovery

EURUSD outlook still points higher on recovery as we enter a new week. Support comes in at the 1.1200 where a violation will turn risk to the 1.1150 level. A break below here will target the 1.1100 level. Further down, support sits at the 1.1050. Conversely, on the upside, resistance resides at 1.1250 level with a break through there opening the door for further upside towards the 1.1.1300 level. Further up, resistance comes in at the 1.1350 level where a violation will expose the 1.1400 level. Its daily RSI is bullish and pointing higher suggesting more strength. All in all, EURUSD outlook still points higher on recovery.

 

[FXTechstrategy]

GBPUSD Retains Its Downside Pressure On Further Weakness

GBPUSD retains its downside pressure on further weakness. Support lies at 1.2850 as it look for more weakness. Below that level will open the door for more decline towards 1.2800 level. Further down, support comes in at the 1.2750 level where a break will turn focus to the 1.2700 level. Further down, support lies at the 1.2650 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance stands at the 1.2950 with a turn above here allowing for additional strength to build up towards the 1.3000 level. Further out, resistance stands at the 1.3050 level followed by the 1.3100 level. On the whole, GBPUSD retains its downside pressure on further weakness.

 

[FXTechstrategy]

EURUSD Outlook Remains Lower In The Short Term

EURUSD outlook remains lower in the short term as we look for more decline to occur. Support comes in at the 1.1150 where a violation will turn risk to the 1.1100 level. A break below here will target the 1.1050 level. Further down, support sits at the 1.1000 level. Its daily RSI9 is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance resides at 1.1200 level with a break through there opening the door for further upside towards the 1.1.1250 level. Further up, resistance comes in at the 1.1300 level where a violation will expose the 1.1350 level. All in all, EURUSD outlook remains lower in the short term.

 

[FXTechstrategy]

GBPUSD Follows Through Lower On Further Downside Pressure

GBPUSD follows through lower on further downside pressure with eyes on support located at 1.2600 level. Support lies at 1.2550 as it looks for more weakness. Below that level will turn attention to the 1.2500 level. Further down, support comes in at the 1.2450 level where a break will turn focus to the 1.2400 level. Further down, support lies at the 1.2350 level. On the upside, resistance stands at the 1.2700 with a turn above here allowing for additional strength to build up towards the 1.2750 level. Further out, resistance stands at the 1.2800 level followed by the 1.2850 level. On the whole, GBPUSD looks to weaken further lower on bear threats.

 

[FXTechstrategy]

GBPJPY Remains Bearish With Eyes On 138.50 Zone

GBPJPY remains bearish with eyes on 138.50 zone following its recent weakness. On the downside, support comes in at the 138.50 level where a violation will aim at the 138.00 level. A break below here will target the 137.50 level followed by the 137.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 139.50 level followed by the 140.00 level. A cut through that level will set the stage for a move further higher towards the 140.50 level. Further out, resistance resides at the 141.00 level. All in all, GBPJPY remains with eyes on 138.50 zone as we expect more weakness.

 

[FXTechstrategy]

EURJPY Retains Broader Downside Pressure With Eyes On 122.00 Level

EURJPY retains broader downside pressure with eyes on 122.00 level and beyond in the days ahead. Support comes in at the 121.50 level where a break if seen will aim at the 121.00 level. A cut through here will turn focus to the 120.50 level and possibly lower towards the 120.00 level. Its daily RSI is bearish and pointing higher suggesting further weakness. On the upside, resistance resides at the 123.00 level. Further out, we envisage a possible move towards the 123.50 level. Further out, resistance resides at the 124.00 level with a turn above here aiming at the 124.50 level. On the whole, EURJPY retains broader downside pressure with eyes on 122.00 level.

 

[FXTechstrategy]

GOLD Pressure Builds Up On The Downside

GOLD pressure builds up on the downside with the commodity closing lower on Wednesday. On the downside, support comes in at the 1,270.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure targeting the 1,240.00 level. Conversely, resistance resides at the 1,290.00 level. Further out, resistance resides at the 1,300.00 level where a break will aim at the 1,310.00 level. A turn above there will expose the 1,320.00 level. Further out, resistance stands at the 1,330.00 level. All in all, GOLD looks to decline further on medium term bear pressure.

 

[FXTechstrategy]

GBPUSD Declines More On Price Extension.

GBPUSD declines more on price extension following its recent bear pressure. Support lies at 1.2500 as it looks for more weakness. Below that level will turn attention to the 1.2450 level. Further down, support comes in at the 1.2400 level where a break will turn focus to the 1.2350 level. Further down, support lies at the 1.2300 level. On the upside, resistance stands at the 1.2600 with a turn above here allowing for additional strength to build up towards the 1.2650 level. Further out, resistance stands at the 1.2700 level followed by the 1.2750 level. On the whole, GBPUSD declines more on price extension following its recent weakness.