EURUSD: We continue to envisage a decline having EUR closed almost flat the past week. Support is seen at 1.1278 level with a cut through here opening the door for more downside towards the 1.1200 level. Further down, support lies at the 1.1150 level where a break will expose the 1.1100 level. On the upside, resistance lies at the 1.1450 level where a violation will aim at the 1.1533 level. A break of here will aim at the 1.1600 level, its psycho level with a turn below that level targeting the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.
USDCHF: Loses Upside Momentum, Risk Turns Lower
USDCHF: With USDCHF closing on a hammer candle print the past week, it faces the risk of a move lower in the new week. This development leaves the pair targeting the 0.9300 level where a break will set the stage for a move lower towards the 0.9250 level. A turn below here will open the door for more weakness to occur towards the 0.9200 level and then the 0.9150 level. On the upside, resistance resides at the 0.9450 level where a break will aim at the 0.9534 level. Further out, resistance resides at the 0.9600 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9650 level. All in all, the pair remains broadly biased to the downside medium term though seen recovering recent weeks.
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