EURUSD: Vulnerable, Reverses Gains
EURUSD: Outlook for EUR continues to point lower following a reversal of its previous week gains the past week. However, a mild recovery higher may occur before more strength is seen in the new week. Support is seen at 1.2150 level with a cut through here opening the door for more downside towards the 1.2100 level. Further down, support lies at the 1.2050 level where a break will expose the 1.2000 level. Below here will pave the way for a move lower towards the 1.1950 level. On the upside, resistance lies at the 1.2700 level where a violation will aim at the 1.2750 level where a break will aim at the 1.2800 level, its psycho level followed by the 1.2850 level. Further out, resistance comes in at the 1.2900 level. All in all, EUR remains biased to the downside in the medium term.
USDCHF: Closes Higher, Targets Further Strength
USDCHF: With USDCHF reversing its previous week declines to close higher, it faces further upside threats in the new week. On the upside, resistance resides at the 0.9900 level where a break will aim at the 0.9950 level. Further out, resistance resides at the 1.0000 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 1.1050 level. On the downside, support lies at the 0.9800 level with a break targeting the 0.9750 level and then the 0.9700 level. Further down, support comes in at the 0.9650 level. All in all, the pair remains biased to the downside medium term.
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