The Week Ahead July 19 -2014 - Written by Mohammed Isah

USDCHF: Rallies, Eyes Further Upside.

With a strong rally occurring the past week, further bullishness is expected in the new week. On the upside, resistance resides at the 0.9000 level where a break will aim at the 0.9050 level. Further out, a break will retarget the 0.9100 level where breather may occur and turn the pair lower but if broken it will turn focus on the 0.9150 level. On the downside, support lies at the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8850 level. A turn below here will set the stage for a run at the 0.8800 level. All in all, the pair remains biased to the upside on recovery.

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 Pro Plan, our Daily 7-Currency Research Package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get The Full Package with Trade Alerts Including 3 FREE Bonuses Now

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