EURGBP- The cross is currently seeing a third – day of declines, halting its correction recovery and turning focus to the 0.8462 level. This leaves the risk of further downside on the cards. In such a case, further weakness could be seen towards the 0.8350 level. Further down, support comes in at the 0.8300 level. Its daily RSI is bearish and poining lower suggesting further downside. The alternative scenario will be for EURGBP to continue its recovery and return to the 0.8520 level where a…

USDJPY: Rallies, Extends Upside Offensive.

USDJPY: With a strong rally seeing the pair continuing its past week upside offensive, further strength is likely in the days ahead. This leaves its big psycho level at 100.00 level as the next upside target were respite may occur and turn it lower. If this fails to happen expect more upside gains towards the 101.00 level. Further out, resistance resides at the 102.00 level. Its daily RSI is bullish and pointing higher supporting this view.…

EURUSD: With the pair vulnerable, further downside is likely in the new week. Support lies at the 1.3306 level. Further down, support lies at the 1.3264 level where a break will target the 1.3200 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, to annul its present weakness, the pair will have to return above the 1.3710 level where a violation will open the door for more upside towards the 1.3800 level. Further out, the 1.3850 level comes in as the…

USDCHF: While USDCHF may have halted its medium term downtrend and turned higher on correction the past week, its declining trendline stands in its way on further recovery. As long as the 0.9290/90 levels hold as supports, a return to the 0.9082 level cannot be ruled out. If this occurs, expect further declines to occur towards the 0.9000 level followed by the 0.8950 level and next the 0.8900 level. Price hesitation may occur here due to its psychological importance. If broken, further…

GBPJPY – With GBPJPY resuming its broader upside, further strength is likely. As long as it can trade and hold above the 144.79 level, our broader medium term bias remains higher. In such a case, the 147.00 level will be targeted where a violation will aim at the 147.50 level followed by the 148.00 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, on any pullback, expect the cross to target the 144.79 level where a reversal of roles as support is likely…

GOLD: While GOLD may be recovering higher, as long as it trades and holds below the 1,694 level and its trendline resistance at 1,712 level, its broader bias remains lower. However, if the above mentioned levels are taken out, further upside is likely towards the 1,730 level and then the 1,750 level. Its daily RSI is bullish and pointing higher supporting  this view. Alternatively, the risk is for GOLD to return to its December 2012 low at 1,625 level. Further declines could mean a move…

EURUSD: EUR may have closed slightly lower the past week but continues to hold on to its medium term uptrend. It looks to extend its strength through its resistance at the 1.3403 level. If this is seen, further upside is likely towards the 1.3500 level followed by the 1.3480 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, on any pullback, the pair will aim at 1.3256 level where a violation will call for a run at the 1.3200 level. Further down, support…

USDCHF: With the pair reversing its previous week loses to close higher above its trendline support, further upside offensive could follow in the new week. This development leaves USDCHF targeting the 0.9456 level followed by the 0.9511 level and then the 0.9600 level. Its weekly RSI is bullish and pointing higher supporting this view. The alternative scenario will be for a failure of its current recovery to occur. This if seen could turn attention to the 0.9304 level and ultimately the…

GOLD: While GOLD may have halted its declines and triggered a mild recovery, it still faces bear threats. As long as GOLD remains below its declining trendline resistance, our broader bias remains lower. Support lies at its December 2012 low at 1,625 level. Further declines could mean a return to the 1,600.00 level, its key psycho level. We expect a price hesitation to occur here if tested but if broken we could see further weakness towards the 1,582.10 level. Its weekly RSI is bearish and…

CRUDE OIL: With the commodity continuing to maintain a firm hold on the upside, further strength is envisaged. Immediate resistance lies at the 93.63/81 levels with a break targeting the 94.50 level. As long as Crude Oil holds and trades above the 90.30 level, our upside bias on the commodity remains intact. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 91.51 level where a violation will target the 90.30 level. A reversal of roles may occur here.…

EURUSD: With EUR declining to close the week lower, further bear threats are expected in the new week. However, we expect further declines to be capped at its rising trendline support at 1.2928 level. This if seen should push the pair back up towards the 1.3144 level where a violation will call for a run at the 1.3307 level. Further out, resistance resides at the 1.3350 level followed by the 1.3400 level. Conversely, a turn below its trendline support and its 200 daily ema at 1.2944/21…

USDCHF: The pair held off lower prices and turned higher on correction the past week suggesting further upside. However, the barrier is its declining trendline (red) which must be broken to extend the mentioned correction. As long as the trendline remains there as resistance, there is risk of USDCHF returning to the 0.9082 level. If this is broken further weakness will aim at the 0.9041 level where a breach will turn attention to the 0.9000 level. Price hesitation may occur here due to its…

GOLD: Recovery attempts continue to occur leaving the commodity threatening further upside. This leaves the 1,703 level as the next upside target followed by the 1,720 level. We expect its declining trendline (red) resistance to cap further upside gains if seen. While that level caps, there is still downside risk. In such a case, the 1,640.45 level will be targeted with a cut through there allowing for a push further lower towards the 1,600.00 level. A respite is likely to occur here and…

US Dollar Index: With the Index remaining biased to the downside, the risk is for it to return to the 78.53/60 levels. A violation of this level will call for a run at its psycho level at 76.00 level with a break of here turning attention to the 75.00 level and then the 74.00 level, all representing its psycho level. The alternative scenario will be for the Index to return to the 80.09/49 levels. Further out, resistance resides at the 81.18 level with a break above here allowing for more…

GOLD: Though closing flat the past week, GOLD’s broader outlook remains lower on further weakness. It now targets the 1,640.45 level with a cut through there allowing for a push further lower towards the 1,600.00 level. A respite is likely to occur here and turn the commodity back up. However, if that level fails, further declines should follow. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, a return above the 1,672.23 level must occur to halt its present…

EURUSD: Despite its consolidation the past week, it managed to close higher, opening the door for a move higher towards the 1.3307 level, representing its Dec 2012 high. A break of here will target further upside towards the 1.3350 level. Further out, resistance resides at the 1.3400 level, its psycho level and possibly the 1.3500 level. Its daily RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, EUR will aim at the 1.3158…

USDCHF: The pair continues to face downside pressure as it closed lower suggesting further declines could be building up. If this is triggered further weakness will aim at the 0.9041 level where a breach will turn attention to the 0.9000 level. Price hesitation may occur here due to its psychological importance. However, if taken out, USDCHF will target the 0.8929 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, the pair will have to return above the…

EURGBP: With the pair remaining bullish and targeting further upside, we look for price extension to aim at the 0.8219 level. A cut through here will call for a run at the 0.8268/75 levels where a breach will shift focus to the 0.8300 level. Its daily and weekly RSI are bullish and pointing higher suggesting further upside. Conversely, support lies at the 0.8163 level where a reversal of roles is likely to occur and turn it higher. However, if this fails to occur, the 0.8100 level will be…

USDCHF: The pair continues to hold on to its broader downside though closing marginally lower the past week. This development leaves the pair targeting the 0.9082 level on the cards where a breach will turn attention to the 0.9000 level. Price hesitation may occur here due to its psycho logical importance and turn the pair back up. However, if taken out, USDCHF will aim at the 0.8929 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, it will have to…