EURUSD - With a sharp sell off occurring the past week, further bearishness is envisaged. We may see corrective recovery in the new week. Support lies at the 1.2900 level where a break will expose the 1.2850 level. Below here will pave the way for a move lower towards the 1.2800 level. If this continues, expect further downside to occur towards the 1.2750 level. On the upside, resistance lies at the 1.3000 level where a break will aim at the 1.3050 level, its psycho level followed by the 1.3100 level. Further out, resistance comes in at the 1.3150 level. All in all, EUR remains biased to the downside in the medium term.
USDCHF: Rallies, Set To Extend Strength
USDCHF - With a sharp rally seeing USDCHF closing higher the past week, further bullishness is envisaged in the new week. On the upside, resistance resides at the 0.9350 level where a break will aim at the 0.9400 level. Further out, resistance comes in at the 0.9450 level. A breather may occur here and turn the pair lower but if taken out the 0.9500 level will be aimed at. On the downside, support lies at the 0.9250 level with a break targeting the 0.9200 level and then the 0.9150 level. Further down, support comes in at the 0.9100 level. A cut through here will target the 0.9050 level. All in all, the pair remains biased to the upside in the medium term.
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