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.
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.
Recommended Content
Editors’ Picks
Fed’s Powell said further conviction that inflation is returning to the target is needed before start cutting rates – LIVE
Chair Powell reiterated that the Fed's policy rate remains restrictive, although further confidence that inflation is retreating towards the bank's target is needed before deciding on reducing rates.
EUR/USD extends gains above 1.0700 on Powell’s presser
The selling bias in the Greenback gathers extra pace as Powell’s press conference is under way, lifting EUR/USD to daily tops past the 1.0700 hurdle.
GBP/USD rises above 1.2500 on weaker Dollar
The resumption of the upward pressure sends GBP/USD back above 1.2500 the figure in response to increasing selling pressure hurting the Greenback.
Gold surpasses $2,300 as Dollar tumbles
The precious metal maintains its constructive stance and trespasses the $2,300 region on Wednesday after the Federal Reserve left its FFTR intact, matching market expectations.
A new stage of Bitcoin's decline
Bitcoin's closing price on Tuesday became the lowest since late February, confirming the downward trend and falling under March and April support and the psychologically important round level.