Weekly Gain/Loss: -0.31%
Weekly Close: 0.9968
Weekly perspective:
The USD/CHF extended losses over the course of last week’s trading, firmly positioning price action beneath its 2016 yearly opening level at 1.0029. Providing sellers remain in the driving seat, the next support target does not come into view until the 2018 yearly opening level at 0.9744.
Daily...
CADCHF is approaching its resistance at 0.7555 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it could potentially reverse to its support at 0.7473 (61.8% Fibonacci retracement, horizontal swing low support). Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reversal could occur.
GBPJPY is approaching its resistance at 146.11(100% & 61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it could potentially reverse down to its support at 144.85 (61.8% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
EURAUD is approaching its support at 1.5677 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.5748 (horizontal swing high resistance). Stochastic (55, 5, 3) is approaching its support at 3.1% where a corresponding bounce could occur.
CADCHF is approaching its resistance at 0.7554(61.8% & 100% Fibonacci extension , 32.8% Fibonacci retracement , horizontal pullback resistance) where it could potentially reverse down to its support at 0.7507 (61.8% Fibonacci retracement , horizontal swing low support). Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
As news broke the UK and the EU agreed a draft text setting out a close post-Brexit relationship, the British pound soared against its US counterpart. European Council President Tusk said the text has been agreed at the negotiators level and agreed in principle at political level, subject to the endorsement of the leaders’ ahead of Sunday's summit.
In the shape...
XAGUSD is approaching its resistance at 14.51 (100% & 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse to its support at 14.28 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support). Stochastic (89, 5, 3) is approaching its support at 92% where a corresponding...
AUDCHF reversed off its resistance at 0.7236 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance) where it could potentially drop further to its support at 0.7195 (61.8% Fibonacci retracement, horizontal swing low support). Stochastic (55, 5, 3) reversed off its resistance at 95% where a corresponding drop could occur.
CADJPY reversed off its resistance at 85.50 (100% Fibonacci extension, 50% & 38.2% Fibonacci retracement, horizontal overlap resistance) where it could potentially drop further to its support at 84.99 (61.8% Fibonacci retracement, horizontal swing low support). Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop could occur.
EURUSD is approaching its support at 1.1354 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.1411 (50% Fibonacci retracement, horizontal swing high resistance). Stochastic (55, 5, 3) is approaching its support at 3.2% where a corresponding bounce could occur.
EURGBP has reversed off its resistance at 0.8930 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it could potentially drop to its support at 0.8763 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback support). Stochastic (89, 5, 3) has reversed off its resistance at 96.8% where a...
USDCHF is testing its resistance at 0.9956(100% Fibonacci extension, 23.6 % Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.9917 (horizontal swing low support) could occur.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop could occur.
USDJPY is approaching its resistance at 113.08 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance) where it could potentially reverse down to its support at 112.62(61.8% Fibonacci retracement, horizontal pullback support). Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
XAUUSD is approaching its support at 1216.7 (61.8% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal pullback support) where it could potentially bounce to its resistance at 1223.9 (61.8% Fibonacci retracement, horizontal swing high resistance). Stochastic (55, 5, 3) is approaching its support at 3.6% where a corresponding bounce could occur.
Up 1.04% on the day, the USD/CAD aggressively advanced northbound Tuesday on the back of a healthy USD across the board, along with a collapse observed in crude oil prices and comments from BoC’s Wilkins. Wilkins announced the central bank will review monetary policy framework in the run up to late 2021, indicating it is open to major changes.
In terms of weekly...
In wake of the RBA minutes emphasizing an on-hold policy stance, along with resurgent USD demand, the commodity currency tumbled lower in lock-step with declining stocks Tuesday. Extending losses from recent 0.73+ peaks, the H4 candles captured October’s opening level at 0.7229 and are currently seen hovering just north of the 0.72 handle.
0.72 is likely an...
EURCHF is approaching its support at 1.1357 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.1394 (50% Fibonacci retracement, horizontal swing high resistance). Stochastic (55, 5, 3) is approaching its support at 4.7% where a corresponding bounce could occur.
GBPJPY is approaching its support at 144.30 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where price could potentially bounce up to its resistance at 145.93 (38.2% Fibonacci retracement, horizontal pullback resistance). Stochastic (89, 5, 3) is testing its support at 2.7% where a corresponding bounce could occur.
