Daily Technical Strategy On Currencies & Commodities

GBPUSD Looks To Weaken Further Lower

GBPUSD looks to correct further lower as it holds on to its downside pressure. Support stands at 1.2300 area with a break turning focus to the 1.2250 level. Further down, support lies at the 1.2200 level where a violation will turn focus to the 1.2150 level. Below here will open the door towards the 1.2100 level. On the upside, resistance is located at the 1.2400 with a break above there allowing for morel strength to build up towards the 1.2450 level. Further out, resistance stands at the 1.2500 level followed by the 1.2550 level. On the whole, GBPUSD faces further downside threats.
 
USDCAD Sets Up To Strengthen Further

USDCAD faces risk of further upside as it looks to follow through higher on the back of 2 days gain.. Support comes in at the 1.4050 level where a break will aim at the 1.4000 level. Further down, support comes in at the 1.3950 level where a break lower may occur. This if seen will trigger further weakness towards the 1.3900 level. On the upside, resistance stands at the 1.4150 level where a break will target the 1.4200 level. Further up, resistance resides at the 1.4250 level and then the 1.4300 level. All in all, USDCAD looks to strengthen further in the days ahead.


 
EURUSD Rallies Sharply, Eyes More Strength

EURUSD faces risk of further move higher following its sharp rally on Monday. Resistance stands at the 1.0950 where a break will turn risk towards the 1.1000 level. A breach of here will target the 1.1050 level. Further up, resistance stands at the 1.1100. Conversely, on the downside, support comes in at 1.0850 level with a violation opening the door for further gain towards the 1.0800 level. Further down, resistance lies at the 1.0750 level. A cut through that level will clear the way for a move towards the 1.0700 level. All in all, EURUSD looks for further bull threats
 
CRUDE OIL Broader Upside Bias Remains Valid

CRUDE OIL looks to strengthen further as it looks to resume its broader uptrend. Support lies at the 40.50 level where a break will turn attention to the 40.00 level. A push through here will set the stage for a run at the 39.50 level. Further down, support comes in at the 39.00. Its daily RSI is bullish and pointing higher suggesting more gain. On the upside, resistance resides at the 41.50 levels. Further out, resistance comes in at the 42.00 level. A break above here will aim at the 42.50 level and then the 43.50 level followed by the 44.00 level. All in all, CRUDE OIL remains biased to the upside medium term.
 
USDCHF Rallies, Eyes Further Upside Pressure

USDCHF continues to face recovery risk as it saw a rally on Monday. On the downside, support comes in at the 0.9100 level. Below here leaves support at the 0.9050 level and then the 0.9000 level. Further down, support comes in at the 0.8950 level. On the upside, resistance is located at the 0.9200 level with a turn above here opening the door for a move towards the 0.9250 level. And then the 0.9300 level. Further down, support comes in at the 0.9350 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. All in all, USDCHF remains biased to the upside on further corrective recovery.


 
EURJPY Halts Weakness, Faces Recovery Risk

EURJPY faces risk of further move higher halting its weakness on Thursday. On the downside, support comes in at the 122.50 level where a break will turn focus towards the 122.00 level. A cut through here will see a move towards the 121.50 level and possibly lower towards the 121.00 level. On the upside, resistance resides at the 123.50 level. Further out, we envisage a possible move towards the 124.00 level. Further out, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. On the whole, EURJPY continues to face downside pressure short term but with risk of correction higher.
 
EURUSD Biased To The Upside On Recovery Medium Term

EURUSD continues to face risk of further upside pressure as we enter a new week. Resistance comes in at the 1.1750 with a break of that area turning risk towards the 1.1800 level. A move above here will target the 1.1850 level. Further up, resistance stands at the 1.1800. On the down, support comes in at 1.1700 level with a violation opening the door for a run at the 1.1650 level. Further down, support is seen at the 1.1600 level. A cut through that level will clear the way for a move towards the 1.1550 level. All in all, EURUSD looks for more upside pressure.
 
USDCHF Bearish, Weakens On Sell Off

USDCHF sold off on Friday following its bear pressure. This development leaves risk of more decline on the cards. Support comes in at the 0.9050 level. Below here, support lies at the 0.9000 level and then the 0.8950 level. Further down, support comes in at the 0.8900 level. Its daily RSI is bearish and pointing lower suggesting more weakness. On the upside, resistance is seen at the 0.9150 level with a turn above there opening the door for a move towards the 0.9200 level. And then the 0.9250 level. Further up, resistance comes in at the 0.9300 level. All in all, USDCHF remains biased to the downside on further pullback.
 
EURUSD Looks To Resume Upside Pressure

EURUSD faces further upside pressure as it looks to resume its uptrend in the new week. Resistance comes in at the 1.1900 with a break of that area turning risk towards the 1.1950 level. A move above here will target the 1.2000 level. Further up, resistance stands at the 1.2050. On the down, support comes in at 1.1800 level with a violation opening the door for a run at the 1.1750 level. Further down, support is seen at the 1.1700 level. A cut through that level will clear the way for a move towards the 1.1650 level. All in all, EURUSD looks for more upside pressure in the days ahead.



 
GBPJPY Weakens, Remains On The Defensive
GBPJPY looks to weaken further in the days ahead as it holds on to its downside pressure. On the upside, resistance comes in at the 138.00 level where a violation will aim at the 138.50 level. A break below here will target the 139.00 level followed by the 139.50 level. Conversely, support is seen at the 137.50 level followed by the 137.00 level. A cut through this level will set the stage for a move further lower towards the 136.50 level. Further down, support resides at the 136.00 level. All in all, GBPJPY remains biased to the downside in the short term.
 

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