USDCHF: With continued weakness seeing USDCHF testing a low of 0.8776 before closing lower at the 0.8801 level on Friday, further decline remains intact. It requires a break and close below the 0.8798 level, its Dec 27 2013 low and the 0.8776 level, its past week low to decline further. Further down, support lies at the 0.8750 level with a cut through here paving the way for a run at the 0.8700 level, its big psycho level. Below here if seen will set the stage for more weakness towards the…Continue
USDJPY: With USDJPY reversing its Tuesday losses, further upside is expected towards the 102.82 level. A cut through here will open the door for more gain towards the 103.43 level, its Jan 29 2014 high. Above here will set the stage for a run at the 104.oo level. Further out, resistance comes in at the 104.50 level and then the 105.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support stands at 102.00 level where a violation will expose the…Continue
USDCHF: Weakens, Extends Bearishness.
USDCHF: With a third-week of decline as occurring the past week, further weakness is likely towards the 0.8798 level, its Dec 27 2013 low. Further down, support lies at the 0.8750 level with a cut through here paving the way for a run at the 0.8700 level, its big psycho level. Below here if seen will set the stage for more weakness towards the 0.8650 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, to resume…Continue
GBPJPY: Vulnerable But Retains Its Broader Long Term Uptrend Bias
GBPJPY – The cross remains biased to the upside in the medium and long terms but now faces corrective downside. In order for it to resume its uptrend, it will have to break above the 171.15/87 levels. A breach could force further upside towards the 172.50 level. Further out, resistance resides at the 173.64 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the…Continue