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(Discuss) Daily Technical Strategy On Currencies & Commodities

EURUSD Sets Up To Weaken Further Towards 1.1034 Level

EURUSD with the pair continuing to retain its downside pressure, more decline is expected. Resistance comes in at the 1.1150 where a break will turn risk to the 1.1200 level. A breach below here will target the 1.1250 level. Further up, resistance stands at the 1.1300. Conversely, on the downside, support comes in at 1.1050 level with a violation of there opening the door for further gain towards the 1.1000 level. Further up, resistance lies at the 1.0950 level. A cut through that level will clear the way for a move towards the 1.0900 level. All in all, EURUSD expects more weakness to occur in the days ahead.
 
USDCHF Sees Price Back Off On Rally

USDCHF faces further recovery threats as it looks to extend bull pressure. Resistance comes in at the 0.9750 level. Above here, resistance lies at the 0.9800 level and then the 0.9850 level. Further out, resistance stands at the 0.9900 level. Its daily RSI is bullish and pointing higher suggesting are strength. On the downside, support is located at the 0.9650 level with a turn below here opening the door for more decline towards the 0.9600 level. And then the 0.9550 level. Further down, support comes in at the 0.9500 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on further price strength.


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GBPUSD Weakens For Second Day In A Row

GBPUSD faces risk of more weakness nearer term following its second day of losses on Thursday. Support lies at 1.3050 area with a break below that level turning focus to the 1.3000 level. Further down, support comes in the 1.2950 level where a violation will shift focus to the 1.2900 level. Below here will open the door towards the 1.2850 level. On the upside, resistance comes in at the 1.3150 with a break above there allowing for more strength to occur towards the 1.3200 level. Further out, resistance stands at the 1.3250 level followed by the 1.3300 level. On the whole, GBPUSD faces further pullback threats on the back of its recent weakness.

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AUDUSD Weakens, See Further Price Weakness

AUDUSD looks to extend further downside pressure after declining further on Tuesday. On the downside, support comes in at the 1.6800 level. A cut through here will turn focus to the 0.6750 level and then the 0.6700 level. A violation will set the stage for a retarget of the 0.6650 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 0.6900 level where a breach will aim at the 0.6950 level. Below here will open the door for a run at the 0.7000 level and then the 0.7050 level. On the whole, AUDUSD faces further downside threats short term.
 
USDCHF Bullish, Retains Its Recovery Threats

USDCHF faces risk of further move higher following a positive close the past week. Resistance comes in at the 0.9750 level. Above here, resistance lies at the 0.9800 level and then the 0.9850 level. Further out, resistance stands at the 0.9900 level. On the downside, support is located at the 0.9650 level with a turn below here opening the door for more decline towards the 0.9600 level. And then the 0.9550 level. Further down, support comes in at the 0.9500 level. All in all, USDCHF remains biased to the upside on price strength.
 
GBPUSD Sees Price Extension On More Decline

GBPUSD looks to extend downside pressure as it closed lower on Thursday. Support stands at 1.2850 area with a break below that level turning focus to the 1.2800 level. Further down, support lies at the 1.2750 level where a violation will turn focus to the 1.2700 level. Below here will open the door towards the 1.2650 level. On the upside, resistance is located at the 1.2900 with a break above there allowing for morel strength to build up towards the 1.2950 level. Further out, resistance stands at the 1.3000 level followed by the 1.3050 level. On the whole, GBPUSD faces further downside threats In the days ahead.
 
USDCHF Vulnerable On Further Sell Off

USDCHF faces risk of further move lower as it sold off the past week. Resistance comes in at the 0.9400 level. Above here, resistance lies at the 0.9650 level and then the 0.9650 level. Further out, resistance stands at the 0.9700 level. On the downside, support is located at the 0.9300 level with a turn below here opening the door for more decline towards the 0.9250 level. And then the 0.9200 level. Further down, support comes in at the 0.9150 level. Its weakly RSI is bearish and pointing lower suggesting more decline. All in all, USDCHF remains biased to the downside on further price weakness
 
EURJPY Remains On Recovery Pressure

EURJPY continues to face recovery threats as it closed higher on Monday and followed through higher on Tuesday. On the downside, support comes in at the 118.00 level where a break if seen will aim at the 117.50 level. A cut through here will turn focus to the 117.00 level and possibly lower towards the 116.50 level. On the upside, resistance resides at the 119.00 level. Further out, we envisage a possible move towards the 119.50 level. Further out, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. On the whole, EURJPY continues to retain its recovery pressure nearer term.


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CRUDE OIL Broader Upside Bias Remains Valid

CRUDE OIL looks to strengthen further as it looks to resume its broader uptrend. Support lies at the 40.50 level where a break will turn attention to the 40.00 level. A push through here will set the stage for a run at the 39.50 level. Further down, support comes in at the 39.00. Its daily RSI is bullish and pointing higher suggesting more gain. On the upside, resistance resides at the 41.50 levels. Further out, resistance comes in at the 42.00 level. A break above here will aim at the 42.50 level and then the 43.50 level followed by the 44.00 level. All in all, CRUDE OIL remains biased to the upside medium term.
 
USDCHF Rallies, Eyes Further Upside Pressure

USDCHF continues to face recovery risk as it saw a rally on Monday. On the downside, support comes in at the 0.9100 level. Below here leaves support at the 0.9050 level and then the 0.9000 level. Further down, support comes in at the 0.8950 level. On the upside, resistance is located at the 0.9200 level with a turn above here opening the door for a move towards the 0.9250 level. And then the 0.9300 level. Further down, support comes in at the 0.9350 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. All in all, USDCHF remains biased to the upside on further corrective recovery.


 
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