Daily Technical Strategy On Currencies & Commodities

[FXTechstrategy]

USDCHF Retains Its Downside Pressure

USDCHF retains its downside pressure as it looks to weaken further in the days ahead. Resistance resides at the 0.9850 level. Above here, resistance lies at the 0.9900 level and then the 0.9950 level. Further out, resistance comes in at the 1.0000 level. On the downside, support is seen at the 0.9750 level with a turn below here opening the door for more decline towards the 0.9700 level. And then the 0.9650 level. Further down, support resides at the 0.9600 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, USDCHF remains biased to the downside on further corrective weakness.

 

[FXTechstrategy]

GBPJPY Bear Pressure Remains Towards 133.84

GBPJPY bear pressure remains towards 133.84 support zone as we expect more weakness. On the downside, support comes in at the 134.00 level where a violation will aim at the 133.50 level. A break below here will target the 133.00 level followed by the 132.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 135.00 level followed by the 135.50 level. A cut through that level will set the stage for a move further higher towards the 136.00 level. Further out, resistance resides at the 136.50 level. All in all, GBPJPY remains biased to the downside nearer term.

 

[FXTechstrategy]

EURUSD Targets Immediate Resistance At 1.1161 Level

EURUSD targets immediate resistance at 1.1161 level as we enter the new week. Support comes in at the 1.1050 where a violation will turn risk to the 1.1000 level. A break below here will target the 1.0950 level. Further down, support sits at the 1.0900. Conversely, on the upside, resistance resides at 1.1150 level with a break through there opening the door for further upside towards the 1.1.1200 level. Further up, resistance comes in at the 1.1250 level where a violation will expose the 1.1300 level. All in all, EURUSD expects more recovery in the new week.

 

[FXTechstrategy]

EURJPY Remains Vulnerable With Eyes On Further Weakness

EURJPY remains vulnerable with eyes on further weakness. On the downside, support comes in at the 117.50 level where a break if it occurs aiming at the 117.00 level. A break through here will turn focus to the 116.50 level and possibly lower towards the 116.00 level. Its daily RSI bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 118.50 level. Further out, we envisage a possible move towards the 119.00 level. Further out, resistance resides at the 119.50 level with a turn above here aiming at the 120.00 level. On the whole, EURJPY retains its downside pressure in the medium term.

 

[FXTechstrategy]

USDCHF Bounces Off Lower Prices On Correction.

USDCHF bounces off lower prices on correction the past week. This has opened the door for more gain in the new week. Resistance resides at the 0.9800 level. Above here, resistance lies at the 0.9850 level and then the 0.9900 level. Further out, resistance comes in at the 0.9950 level. On the downside, support is seen at the 0.9750 level with a turn below here opening the door for more decline towards the 0.9700 level. And then the 0.9650 level. Further down, support resides at the 0.9600 level. All in all, USDCHF remains biased to the upside on further corrective strength.

 

[FXTechstrategy]

GBPJPY Looks To Strengthen Further On Recovery

GBPJPY looks to strengthen further on recovery following Its Tuesday price rejection. On the downside, support comes in at the 128.50 level where a violation will aim at the 128.00 level. A break below here will target the 127.00 level followed by the 127.00 level. Conversely, resistance is seen at the 129.50 level followed by the 130.00 level. A cut through that level will set the stage for a move further higher towards the 130.50 level. Further out, resistance resides at the 131.00 level. All in all, GBPJPY remains biased to the upside on further recovery.

 

[FXTechstrategy]

EURUSD Declines With Eyes On 1.1026/00 Support Zone

EURUSD declines with eyes on 1.1026/10 support zone as looks to resume its broader downside pressure. Support comes in at the 1.1000 where a violation will turn risk to the 1.0950 level. A break below here will target the 1.0900 level. Further down, support sits at the 1.0850. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1100 level with a violation of there opening the door for further gain towards the 1.1150 level. Further up, resistance lies at the 1.1200 level. A cut through that level will clear the way for a move towards the 1.1250 level. All in all, EURUSD expects looks to weaken further towards the 1.1026/10 support zone.

 

[FXTechstrategy]

GBPUSD Bullish Strength Leaves Risk Towards 1.2381 Level

GBPUSD bullish strength leaves risk towards 1.2381 level following its rally on Thursday. Support lies at 1.2200 with a turn below that level turning attention to the 1.2150 level. Further down, support resides at the 1.2100 level where a break will turn attention to the 1.2050 level. Further down, support lies at the 1.2000 level. On the upside, resistance stands at the 1.2300 with a turn above here allowing for additional strength to build up towards the 1.2350 level. Further out, resistance stands at the 1.2400 level followed by the 1.2450 level. On the whole, GBPUSD retains its corrective upside pressure

 

[FXTechstrategy]

USDCHF Weakens On Strong Sell-off

USDCHF weakens on strong sell-off following its intra day price rejection on Friday. Resistance comes in at the 0.9800 level. Above here, resistance lies at the 0.9850 level and then the 0.9900 level. Further out, resistance stands at the 1.0000 level. On the downside, support is located at the 0.9700 level with a turn below here opening the door for more decline towards the 0.9650 level. And then the 0.9600 level. Further down, support comes in at the 0.9600 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, USDCHF remains biased to the downside on further weakness.

 

[FXTechstrategy]

GOLD Further Bull Pressure Is Envisaged

GOLD further bull pressure is envisaged as we look for price extension. On the downside, support comes in at the 1,520.00 level where a break will turn attention to the 1,510.00 level. Further down, a cut through here will open the door for a move lower towards the 1,500.00 level. Below here if seen could trigger further downside pressure targeting the 1,490.00 level. Conversely, resistance resides at the 1,530.00 level. Further out, resistance resides at the 1,540.00 level where a break will aim at the 1,550.00 level. A turn above there will expose the 1,560.00 level. Further out, resistance stands at the 1,570.00 level. All in all, GOLD looks to strengthen further in the new week.