The Weak Ahead Oct 25 -2014 - Written by Mohammed Isah

USDCHF: Faces Further Recovery Threats

USDCHF: The pair put in a temporary bottom and closed higher the past week. This development leaves USDCHF threatening further upside. On the downside, support lies at the 0.9450 level with a break targeting the 0.9471 level and then the 0.9400 level. Further down, support comes in at the 0.9350 level. A cut through here will target the 0.9300 level. On the upside, resistance resides at the 0.9600 level where a break will aim at the 0.9650 level. Further out, resistance resides at the 0.9700 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the upside in the medium term.

Daily Analysis

USDJPY: Bullish, Eyes Further Upside
USDJPY: Having ended its corrective weakness and resumed its medium term uptrend, further bullishness is expected in the days ahead. On further upside, the 90.50 level will be targeted followed by the 91.47 level and then the 92.00 level. On the downside, support lies at the 89.64 level with a cut through there aiming at the 87.86 level followed by the 87.00 level and then the 86.00 level. We expect a respite to occur here and turn back up but if this fails to occur further decline could develop towards the 84.17 level. All in all, USDJPY remains biased to the upside in the medium term.

Note:This is an excerpt from The Professional Suite, our Daily 7-Currency Research Packagecovering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get The Full Package with Trade Alerts Including 3 FREE Bonuses Now

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