GOLD: The commodity turned off its intra-day low at 1,338 level to close higher on Monday but continues to maintain its broader downside bias. This suggests on ending the mentioned recovery it should retarget the 1,338/21 levels. Below here if seen will aim at the 1,300.00 level and possibly lower. On the upside, GOLD will have to return above the 1,488.00 level to end its broader downside and then resume its recovery. Further out,  resistance is seen at the 1,590.40 level followed by the…

USDCHF – With further bullish offensive seen the past week, USDCHF looks to extend its strength in the new week.  This development leaves the pair aiming at further strength towards the 0.9600 level. Further out, resistance resides at the 0.9800 level, its psycho level where a violation will aim at the 0.9850 level. Further out, resistance resides at the 0.9900 level with a turn above here exposing the 0.9970 level. Its weekly RSI is bullish and pointing higher suggesting further upside. On…

GOLD: Unless the commodity returns above the 1,488.00 level, there is risk of further downside in the days ahead. On the downside, support comes in at the 1,403.66 level where a breach will target the 1,385.00 level. A violation will aim at the 1,350 level and then the 1,321.79 level. On the upside, GOLD will have to return above the 1,488.00 level to resume its recovery. Further out, resistance is seen at the 1,590.40 level followed by the 1,619 level. All in all, GOLD remains on corrective…

EURUSD: Although EUR turned back lower the past week after failing to follow through on the back of its previous week gains, it remains trapped in a consolidation range (watch out for a head and shoulders formation on the daily chart). A reversal of its past week decline could occur if it fails to follow through on its current bearishness. This will open up further upside risk towards the 1.3242 level in the new week. Further out, resistance resides at the 1.3300 level where a break…

USDCHF – With a rally seeing USDCHF closing slightly above the 0.9566 level the past week, there is risk of further upside in the new week.This development leaves the pair targeting further strength towards the 0.9600 level. Further out, resistance resides at the 0.9773 level, its weekly ema where a violation will aim at the 0.9850 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.9498 level where a breach will target the 0.9331…

EURUSD: A reversal of its Monday and Tuesday losses has cleared the way for a return to the 1.3242 level. A cut there here will resume its medium term uptrend and call for a run at the 1.3300 level. A clearance of this level will pave the way for a run at the 1.3350 level with a turn above here targeting the 1.3400 and then the 1.3450 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for EUR to return to the 1.3034 level where a breach…

AUDUSD: With AUDUSD extending its Monday weakness and breaking through the 1.0219 level, further downside is envisaged in the days ahead. This development leaves the pair targeting the 1.0150 level. A cut through here will turn attention to the 1.0100 level and then the 1.0050 level. Further down, support comes in at the 1.0000 level. Its daily RSI is bearish and pointing lower suggesting further downside. Conversely, AUDUSD will have to return above the 1.0219 level to halt its present…

GOLD: The commodity has run into the bears, halting it recovery and closing marginally lower the past week. A failure to resume that recovery in the new week could see GOLD return to the downside. Support lies at the 1,403.66 level where a violation will aim at the 1.385 level and then the 1,321.79 level. Conversely, GOLD will have to return above the 1,495.00 level to halt its broader bear threats to resume its recovery strength. In such a case, the 1,590.40 level will be targeted. Further…

EURUSD: Though backing off slightly off its last week high, it looks to return to that level at 1.3242 level in the new week. Further out, resistance resides at the 1.3300 level where a break will call for a run at the 1.3350 level. Above here will create scope for more upside towards the 1.3400 and then the 1.3450 level. The alternative scenario will be a return to the 1.3054 level where a breach will call for a run at the 1.2955 level. Further down, support lies at the 1.2850 level. Below…

USDCHF – The pair failed to follow through on the back of its previous week gains and closed lower at the end of the week. This new development suggests further downside is likely towards the 0.9205 level with a turn below here shifting attention to the 0.9150 level. Further down, support stands at the 0.9100 level and then the 0.9000 level, its psycho level. Its weekly RSI is bearish and pointing lower supporting view. Conversely, USDCHF will have to take out the 94.98 level and then the…

EURJPY- The cross continues to consolidate suggestive of an eventual return to the 131.11 level on ending the mentioned consolidation. This if seen will reverse its entire weakness and target the 132.00 level and then the 133.00 level. Alternatively, the cross will have to return below the 125.00 level to reverse its broader medium term upside bias and bring further downside towards the 124.03 level. If this level is tested and broken, further declines should follow towards the 123.00 level.…

GBPUSD: With continued upside offensive seen, further gain is likely towards the 1.5600. Above here will target the 1.5650 level and then the 1.5700 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on any pullback the pair could retest the 1.5410 level. We expect this level to provide a strong support and turn it higher. Further down, support comes in at return to the downside, the danger is for it to retarget the 1.4830 level. Below here if seen…

GBPUSD: Having rallied through the 1.5410 level, its April 11’2013 high on Thursday, further upside offensive is likely towards 1.5450 level. On a break and hold above here resistance resides at the 1.5500 level where a violation will call for a run at the 1.5550. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on any pullback the pair could retest the 1.5410 level. We expect this level to provide a strong support and turn it higher. Further down, support comes…

EURGBP- While the cross may be facing price hesitation below the 0.8635 level, its recovery tone set from the 0.8409 level still remains intact. Unless the 0.8502 level is decisively violated, a return to the upside cannot be ruled out. Resistance resides at the 0.8635 level where a break will call for a run at the 0.8700 level and then the 0.8686 level followed by the 0.8814 level. On the downside, if its present downside pressure continues, further decline could build up towards the…

USDCAD: With the pair continuing to maintain its upside bias, further upside offensive is likely. In such a case, the 1.0293 level will come in as the next upside target where a violation will aim at the 1.0341 level. Further out, resistance resides at the 1.0400 level with a violation calling for a run at the 1.0450 level and then the 1.0450 level. However, if its upside fails, the 1.0082 level will come in as the next downside. A breach will turn attention to the 1.0000 level. On continued…

EURUSD: While EUR may be vulnerable to the downside following its past week loss of upside momentum, it continues to hold onto most of its recovery gains off the 1.2750 level. However,  to restart that recovery, it will have to recapture the 1.3198 level. If this occurs expect the pair to strengthen further towards the 1.3250 followed by the 1.3318 level. Its weekly RSI is supportive of this view.  On the downside, support comes in at the 1.2967 level.  Below here will risk a return to the…

USDCHF – While USDCHF may have halted its declines and turned higher to close the week on a positive note, bear threats are not over yet. Except its builds up on its last week gains, there is risk of a return to the 0.9205 level with a turn below here turning attention to the downside towards the 0.9150 level. Further down, support stands at the 0.9100 level and then the 0.9000 level. Its weekly RSI is bearish and pointing lower supporting view. Conversely, USDCHF will have to violate…

USDJPY: With a rally seeing the pair strengthening further during Friday trading session, further upside offensive looks to target the 99.94 level. Above here is required to resume its medium term uptrend towards the 100.50 level. We may see a pullback from here but if broken, further upside could follow towards the 101.00 level and then the 101.50 level. Its daily RSI is bullish and pointing higher suggesting further upside.  Support comes in at the 97.63 level where a violation will target…

USDJPY: With a consolidation of its recent strength seen, a return the 99.94 level is required to resume its broader upside. Further out, resistance resides at the 100.50 level. We may see a pullback from here but if broken, further upside could follow towards the 101.00 level and then the 101.50 level. Support comes in at the 95.00 level where a violation will target the 94.00 level and then the 93.00 level. All in all, USDJPY remains biased to the upside medium term though…

EURUSD: Though seen consolidating, its broader bias remains to the upside as long EUR can trade and hold above the 1.3030/04 levels. However, the pair will have to break and hold above the 1.3106/34 level to prevent a return to the 1.2900 level and then the 1.2750/35 levels, its key support levels. This if seen will target the 1.2700 level followed by the 1.2735 level and then the 1.2650 level. On the upside, to continue its recovery it will have to return above the 1.3106/34 levels followed…