Chart Created Using FXCM Marketscope 2.0
Technical Outlook
EURUSD Break above key technical resistance at 1.3340 in question- Bearish below this mark
Primary support range objective 1.3227- 1.3247
Break targets secondary objectives at 1.3153/63 and 1.3077-1.3112.
Daily RSI failure to hold above 60-threshold suggests waning momentum
Key Events: German / EZ 2Q GDP on Wednesday
GBPUSD Daily Chart
Technical Outlook
Bearish below key technical resistance 1.5550- 1.5577- (78.6% & 50% retraces / 2013 TL Resistance)
Daily RSI 60-breach short-lived- Break below 1.54 and RSI break sub 50 to offer conviction
Primary support range objective at 1.5395- 1.5435
Secondary objectives at 1.5270/80 and 1.5170.
Key Events Ahead: UK CPI onTuesday, BoE Minutes on Wednesday
USDCHF Daily Chart
Technical Outlook
USDCHF Bullish above key technical support range 9186- 9200
Primary resistance range objective 9312- 9333
Breach targets secondary objectives at 9393, 9460, and 9525/30
Daily RSI breaks back above TL support dating June 2013- currently back above 40 (constructive)
Key Events Ahead: No Swiss News- Watch US Docket
USDOLLAR Daily Chart
Technical Outlook
USDOLLAR correction encounters key support range 10,650/75
Medium-term bias bullish above this mark
Support break targets objectives at 10,580- 10,611
Broader outlook remains weighted to the topside above 10,585- 10,611 support range
Daily RSI turning ahead of 40-threshold (constructive)- Trigger break pending
Key Events Ahead: US Advanced Retail Sales on Tuesday, CPI on Thursday and Univ. of Michigan Confidence Survey on Friday
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—Written by Michael Boutros, Currency Strategist with DailyFX
To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list
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Source: Daily fx
