FXTechstrategy Team
FXTechstrategy
EURUSD: Risk Builds On 1.1096 Level
EURUSD: With EUR breaking down out of its consolidation range to close lower the past week, risk now builds on its key support located at 1.1096 level. We expect that level to give in for the pair resume its broader downside pressure. However, this might not happen first test. Support is seen at 1.1100 level with a cut through here opening the door for more downside towards the 1.1050 level. Further down, support lies at the 1.1000 level where a break will expose the 1.0950 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1400 level, its psycho level with a turn below that level targeting the 1.1450 level. Further out, resistance comes in at the 1.1500 level. All in all, EUR remains biased to the downside in the medium term with eyes on key support.
USDCHF: Strengthening With Warning
USDCHF: With USDCHF closing higher the past week, further bullishness is envisaged though with caution. Resistance resides at the 0.9600 level. Further out, resistance resides at the 0.9650 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9700 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 0.9450 level. A turn below here will open the door for more weakness to occur towards the 0.9400 level and then the 0.9350 level. All in all, the pair remains biased to the upside in the short 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.
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