EURUSD: Although EUR may be biased to the upside on the weekly chart, its price action on the daily chart is suggestive of a move lower on correction in the new week. This development leaves risk lower in the new week. Resistance is seen at the 1.1289 level with a cut through here opening the door for more downside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. Conversely, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. All in all, EUR remains biased to the upside on recovery but with caution.
USDCHF: Sells Off On Loss Of Upside Momentum
USDCHF: Having USDCHF declined strongly the past week, it could extend that weakness in the new week. On the downside, support comes in at the 0.9250 level. A turn below here will open the door for more weakness to occur towards the 0.9200 level and then the 0.9150 level. A cut through here will open the door for additional weakness towards the 0.9100 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9400 level with a breach targeting the 0.9450 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9500 level. All in all, the pair remains biased to the downside medium term