EURUSD: Vulnerable, Targets Further Downside With Caution
EURUSD: Outlook for EUR remains lower following a bearish price extension the past week. Corrective may occur in the new week. Support lies at the 1.3000 level where a break will expose the 1.3350 level. Below here will pave the way for a move lower towards the 1.3300 level. If this continues, expect further downside to occur towards the 1.3250 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3650 level, its psycho level followed by the 1.3700 level. Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level. All in all, EUR remains biased to the downside in the medium term.
USDCHF: Remains On The Offensive
USDCHF: With a second week of recovery higher occurring the past week, further upside is likely. On the upside, resistance resides at the 0.9100 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9250 level. On the downside, support lies at the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8842 level. A turn below here will set the stage for a run at the 0.8800 level. All in all, the pair remains biased to the upside on recovery.
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.
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