Daily Technical Strategy On Currencies & Commodities

EURUSD Risk Points Higher In The Short Term
EURUSD faces risk of further move higher in the days ahead. Resistance comes in at the 1.1950 with a break of that area turning risk towards the 1.2000 level. A move above here will target the 1.2050 level. Further up, resistance stands at the 1.2100. On the down, support comes in at 1.1850 level with a violation opening the door for a run at the 1.1800 level. Further down, support is seen at the 1.1750 level. A cut through that level will clear the way for a move towards the 1.1700 level. All in all, EURUSD looks for more upside pressure in the days ahead.
 
USDCHF Weakens, Broader Bias Remains Lower
USDCHF continues to eye further downside pressure it retains its broader medium term weakness. Support comes in at the 0.8800 level. Below here, support lies at the 0.8750 level and then the 0.8700 level. Further down, support comes in at the 0.8650 level. Its daily RSI is bearish and pointing lower suggesting more weakness. On the upside, resistance is seen at the 0.8850 level with a turn above there opening the door for a move towards the 0.8900 level. And then the 0.8950 level. Further up, resistance comes in at the 0.9000 level. All in all, USDCHF remains biased to the downside on further weakness.

 
GBPUSD Continues To Face Recovery Risk
GBPUSD with the pair rejecting lower prices to close higher the past week, more strength is expected in the new week. Support is seen at 1.3500 area with a break turning focus to the 1.3450 level. Further down, support lies at the 1.3400 level. A cut through here will turn focus to the 1.3350 level and then the 1.3300 level. On the upside, resistance is seen at the 1.3600 with a break above that level allowing for more gain towards the 1.3650 level. Further out, resistance stands at the 1.3700 level followed by the 1.3750 level. Its daily RSI is bullish and pointing higher suggesting more gain. On the whole, GBPUSD faces further upside threat medium term
 
EURUSD Price Rejection Leaves Risk Lower

EURUSD faces risk of further downside pressure after rejecting higher prices on Friday. On the down, support comes in at 1.2150 level with a violation opening the door for a run at the 1.2100 level. Further down, support is seen at the 1.2050 level. A cut through that level will clear the way for a move towards the 1.2000 level. On the upside, resistance comes in at the 1.2250 with a break of that area turning risk towards the 1.2300 level. A move above here will target the 1.2350 level. Further up, resistance stands at the 1.2400. All in all, EURUSD looks for more downside pressure in the new week.


 
USDCHF Recovery Threats Remain Intact

USDCHF continues to eye further upside pressure closing higher on Friday and opening the door for more gain in the new week. Support comes in at the 0.8800 level. Below here, support lies at the 0.8750 level and then the 0.8700 level. Further down, support comes in at the 0.8650 level. On the upside, resistance is seen at the 0.8900 level with a turn above there opening the door for a move towards the 0.8950 level. And then the 0.9000 level. Further up, resistance comes in at the 0.9050 level. Its daily RSI bullish and pointing higher suggesting more strength. All in all, USDCHF remains biased to the upside on further recovery.

 
EURJPY Set To Weaken Further On Sell Off

EURJPY continues to face risk of more weakness followings its past week sell off. On the downside, support comes in at the 125.00 level where a break if seen will aim at the 124.50 level. A cut through here will turn focus to the 124.00 level and possibly lower towards the 123.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 126.00 level. Further out, we envisage a possible move towards the 126.50 level. Further out, resistance resides at the 127.00 level with a turn above here aiming at the 127.50 level. On the whole, EURJPY continues to face risk of further move lower.

 

Similar threads

Zerodha – Open Paperless Account

Open online account with Zerodha. Free delivery trading and Max Rs 20 for Intraday, F&O, Currency and Commodity Trading. Intraday High leverage with MIS, CO and BO.

Name:Phone:
Email:City:
State:
Are you a day trader?