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EURUSD: Looks To Build On Strength

EURUSD: With EUR closing higher to reverse most of its past week gains, further strength is envisaged in the new week. Resistance is seen at 1.1050 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1100 level where a break will expose the 1.1150 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.0900 level where a violation will aim at the 1.0850 level. A break of here will aim at the 1.0800 level with a turn below that level targeting the 1.0750 level. All in all, EUR remains biased to the upside on correction though seen hesitating on Tuesday.

EURUSDWeekly

 

USDCHF: Downside Pressure Remains Intact

USDCHF: With a third week of decline occurring the past week , further weakness is envisaged. On the downside, support comes in at the 0.9400 level. A turn below here will open the door for more weakness towards the 0.9350 level. A cut through that level will open the door for further decline towards the 0.9300 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.9550 level with a breach targeting the 0.9600 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9650 level. All in all, the USDCHF remains biased to the downside in the short term.

USDCHFWeekly

 

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