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EURUSD Looks To Resume Broader Downtrend

EURUSD: With EUR selling off strongly the past week, it looks to resume its broader medium term downtrend. On the downside, support lies at the 1.0500 level where a violation will aim at the 1.0461 level. A break of here will aim at the 1.0400 level with a turn below that level targeting the 1.0350 level. Its weekly RSI is bearish and pointing lower supporting this view. Resistance is seen at 1.0700 level with a cut through here opening the door for more downside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. All in all, EUR remains biased to the downside in the medium term.

EURUSDWeekly

 

 

USDCHF: Rallies, Eyes Further Upside

USDCHF: With USDCHF taking back its two-week losses to close higher at the end of the week, risk of more strength is expected in the new week. This view is consistent with its broader medium term uptrend. On the downside, support comes in at the 0.9700 level. A turn below here will open the door for more weakness to occur towards the 0.9624 level and then the 0.9450 level. Conversely, resistance resides at the 0.9900 level with a breach targeting the 0.9950 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 1.0000 level. Its daily RSI is bullish and pointing higher suggesting further upside. All in all, the pair remains biased to the upside in the medium term.

USDCHFWeekly

 

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