EURUSD: Faces Bear Threats
EURUSD: With the pair closing lower the past week, a continuation of that weakness is envisaged in the new week. Support lies at the 1.3779 level where a break will aim at the 1.3737 level followed by the 1.3676 level. Further down, support stands at the 1.3600 level where a violation will target the 1.3550 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, medium term outlook on EUR remains higher but will have to recapture the 1.3966 level to annul its present bear pressure. Further out, resistance resides at the 1.4000 level, its big psycho level. All in all, EUR remains biased to the upside in the long term but faces corrective weakness threats.
USDCHF: Recovers Higher, Threatens Price Extension
USDCHF: The pair closed higher the past week after halting its one-week weakness. This has opened the door for further upside possibly towards the 0.8924 level in the new week with a cut through here will aim at the 0.8952 level. This level if broken will aim at the 0.9000 level with a close above here eyeing the 0.9050 level and next the 0.9100 level. On the downside, support lies at the 0.8742 level where a break will turn focus to the 0.8700 level. A cut through here will set the stage for a run at the 0.8650 level and subsequently the 0.8600 level. If it violates this level it will resume its medium term downtrend. All in all, the pair remains biased to the downside in the medium term
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