The Week Ahead April 05 -2014 - Written by Mohammed Isah
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USDCHF: Sets Up For Corrective Weakness

USDCHF: With USDCHF capping its strength at the 0.8952 level to close the marginally lower (daily chart), it faces the risk of a correction in the new week. Expect it returned above the 0.8952 level, this view remains valid with eyes on the downside. Support lies at the 0.8874 level where a violation if seen targeting the 0.8813 level. A cut through here will set the stage for a run at the 0.8750 level and subsequently the 0.8698 level. If it violates this level it will resume its medium term downtrend presently on hold. Further down, support comes in at the 0.8650 level. On the other hand, the pair will have to return above the 0.8952 level to prevent any downside incursion. This if seen will aim at the 0.8900 level with a close above here if seen will aiming at the 0.9000 level and next the 0.9050 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, the pair remains biased to the upside in the short 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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