The EUR/USD starts the week trading around the 2 month low posted on Friday
at 1.3516. Market players count on FOMC to continue tapering over the upcoming
month and pricing it in, supporting the greenback against most rivals. Adding to
the picture its EUR self weakness, which seems poised to extend its fall.
Technically, the hourly chart shows price well below a bearish 20 SMA while
indicators aim to correct higher in oversold territory, albeit price holds below
former monthly low of 1.3550, now immediate resistance. In the 4 hours chart
technical readings stand in negative territory, favoring also a bearish
continuation towards next strong support at the 1.3440 area.
Support levels: 1.3520 1.3485 1.3440
Resistance levels: 1.3550 1.3590 1.3620
The EUR/JPY trades around 141.00 as a new week starts, still exposed to the downside as per short term technical readings: the hourly chart shows price well below moving averages, both flat above in the 142.00 area, while indicators correct oversold readings yet hold in negative territory. In the 4 hours chart indicators maintain a strong bearish momentum, supporting a retest of this month low of 140.48.
Support levels: 140.90 140.50 140.10
Resistance levels: 141.40 141.95 142.50
Pound trades barely above 1.6400 against the greenback, losing some of the ground gained on Friday following better than expected UK Retail Sales. The pair however, recovered above the short term ascendant trend line and neckline of the H&S figure, diminishing its value. As for the hourly chart, the GBP/USD shows price above a bullish 20 SMA and indicators heading higher in positive territory. In the 4 hours chart price stands above its 20 SMA now around 1.6390 immediate support, while momentum heads north above its midline: price needs to recover above 1.6460 area to be able to extend gains towards 1.6500 area still key resistance level to overcome to confirm further gains.
Support levels: 1.6410 1.6370 1.6330
Resistance levels: 1.6460 1.6500 1.6535
USDCHF - With USDCHF reversing almost all of its previous week losses to close higher at the end of the week, the risk is for the pair to recapture the 0.9126 level in the new week. Above here will trigger the resumption of its short term recovery offensive towards the 0.9200 level, its psycho level. A violation of here will aim at the 0.9249 level, its Nov 07’2013 high and then the 0.9300 level, its psycho level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the other hand, support lies at the 0.9031 level, its Jan 16’2014 low where a break will target its psycho level at the 0.8986 level, its Jan 13’2014 low. Below here if seen will open the door for more downside towards the 0.8950 level and then the 0.8900 level. All in all, the pair remains biased to the upside in the short term.
Support levels: 1.3520 1.3485 1.3440
Resistance levels: 1.3550 1.3590 1.3620
The EUR/JPY trades around 141.00 as a new week starts, still exposed to the downside as per short term technical readings: the hourly chart shows price well below moving averages, both flat above in the 142.00 area, while indicators correct oversold readings yet hold in negative territory. In the 4 hours chart indicators maintain a strong bearish momentum, supporting a retest of this month low of 140.48.
Support levels: 140.90 140.50 140.10
Resistance levels: 141.40 141.95 142.50
Pound trades barely above 1.6400 against the greenback, losing some of the ground gained on Friday following better than expected UK Retail Sales. The pair however, recovered above the short term ascendant trend line and neckline of the H&S figure, diminishing its value. As for the hourly chart, the GBP/USD shows price above a bullish 20 SMA and indicators heading higher in positive territory. In the 4 hours chart price stands above its 20 SMA now around 1.6390 immediate support, while momentum heads north above its midline: price needs to recover above 1.6460 area to be able to extend gains towards 1.6500 area still key resistance level to overcome to confirm further gains.
Support levels: 1.6410 1.6370 1.6330
Resistance levels: 1.6460 1.6500 1.6535
USDCHF - With USDCHF reversing almost all of its previous week losses to close higher at the end of the week, the risk is for the pair to recapture the 0.9126 level in the new week. Above here will trigger the resumption of its short term recovery offensive towards the 0.9200 level, its psycho level. A violation of here will aim at the 0.9249 level, its Nov 07’2013 high and then the 0.9300 level, its psycho level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the other hand, support lies at the 0.9031 level, its Jan 16’2014 low where a break will target its psycho level at the 0.8986 level, its Jan 13’2014 low. Below here if seen will open the door for more downside towards the 0.8950 level and then the 0.8900 level. All in all, the pair remains biased to the upside in the short term.
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