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EURUSD: Recovering With Caution

EURUSD: Outlook for EUR remains to the upside after closing higher the past week. However, a mild pullback may occur in the new week as price hesitation signs are now seen on lower level charts. Resistance is seen at 1.0850 level with a cut through here opening the door for more downside towards the 1.0900 level. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. Conversely, support lies at the 1.0700 level where a violation will aim at the 1.0650 level. A break of here will aim at the 1.0600 level with a turn below that level targeting the 1.0550 level. All in all, EUR remains biased to the upside on recovery.




USDCHF Sets Up For More Weakness

USDCHF: The pair declined the past week reversing its previous week gains and opening the door for further downside pressure in the new. Although, we may see a mild recovery higher before it turns back lower again. On the downside, support comes in at the 0.9467 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. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9600 level with a breach targeting 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. All in all, the pair remains biased to the downside.



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