Weekly Market Outlook

EUR / USD Technical Picture / Pattern Analysis

Weekly :

Last rejection from 1.60 has been effective and the bias turns consolidative on weekly chart. Expected trading range for coming weeks extends from 1.5180 to 1.5675. To the upside, price may test immediate resistances at 1.5510 & 1.5610, but only a Euro above 1.5675 (1st objective) will turn the bias neutral to positive towards 1.5800/20 (2nd objective). To the downside, the 1.5310/50 support zone is an important level to monitor. Any break below this support will allow price to test old blue channel high at 1.5160 (1st objective). Below, 38.2% fib. retracement of rise from 1.3350 to 1.5910 at 1.4940 (2nd objective) may block and reject prices first.

EURUSD Weekly

Daily :

Rising wedge break last week confirm the consolidation we've awaited. Expected trading range for coming days extends from 1.5310 to 1.5560. To the upside, immediate resistance at 1.55 has to be outperformed in order to test 23.6% fib. retracement of rise from 1.4450 to 1.59 at 1.5560 (1st objective). Above here, broken trendline at 1.5640 (2nd objective) is now resistance and only a daily close above this level will argue in favor of uptrend continuation. To the downside, while price is below 1.5560,bias remain neutral to negative. 1.5350 (1st objective) is the main support to come. A break below means MT top is in place, and further downside move towards 1.5175 (2nd objective) may be seen during next days/weeks.

EURUSD Daily

4-Hours :

Price spent most of last week with a downside bias since rising channel has been broken, and is now trading in a falling channel. While above 1.5360/80, we consider last days price action as a corrective move from 1.60 top. To the upside, if 1.5360/80 hold & reject price, we may see an attempt higher towards 1.5520 (1st objective) and 1.5615. Only above there we'll consider immediate uptrend has resumed for a test of 1.5690 main resistance. To the downside, a break of 1.5360 will turn the bias negative towards 1.5210/40 support zone (1st objective) and 1.5040/60 later. In any case, a break of 1.5350 means a larger correction is coming.

EURUSD 4-Hours

GBP / USD Technical Picture / Pattern Analysis

Weekly :

Most of April price action remained in a 400 pips range. Main consolidation triangle is still active, but should end very soon.. Expected trading range extends from 1.9570 to 1.9840. TO the upside, 1.9780 weekly high has to be outperformed in order to test higher resistances. 1.9845 (1st objective) act as a pivot point and price reaction at this level has to be monitored. Any break above allow a test of 1.9920/70 resistance zone (2nd objective). To the downside, a strong resistance zone extends from 1.9620 to 1.9670. A clear and sustained break below this resistance zone, added to a weekly close below triangle base argue in favor of a downtrend continuation. If so, 1.9560, 1.9470 & 1.94 are possible targets over next weeks.

GBPUSD Weekly

Daily :

Nervous and swingy price action takes place last 2 weeks, but price remain in the main consildation wedge. Expected trading range for coming days extends from 1.9605 to 1.9760. To the upside, 1.9760 (1st objective) is the immediate resistance to watch. Any break above means correction is not over, and a test of the 1.9840/90 resistance zone may follow. To the downside, a break below trendline at 1.9660 argue in favor of a break lower towards 1.9610 initially (1st objective). If this level does not reject price, we may see further downside move towards 1.9530 (2nd objective). Below, nothing strong before 1.9430.

GBPUSD Daily

4-Hours :

Swings were very volatile, reversals were rapid, and false break numerous. Price is searching for a direction, but consolidation figures shows this ranged consolidation may end soon. Start of the week shows Pound is trading with a heavy tone. While below 1.9720/40, this bias remain neutral to negative. To the upside, a break above 1.9720/40 means consolidation continues, but only a break above 1.9790 main resistance will argue in favor of another swing higher towards 1.9860/80 resistance zone (main upside objective). If price can't reach 1.9760/90, we may see further downmoves towards 1.9640 first (main downside objective), ahead of 1.96 base support, where price reaction has to be monitored carefully.

GBPUSD 4-Hours

USD / CHF Technical Picture / Pattern Analysis

Weekly :

Weekly rise contunued and a firm rise has been seen last 2 weeks. Weekly candlestick closed back above triangle base consolidation started late 2007. Expected trading range for coming weeks extends from 1.0430 to 1.0720. To the upside, 1.06 act as immediate resistance and any break above will send price directly to 1.0720 main resistance (1st objective). If no rejection here, we may see further upside moves towards 1.0890 initially (2nd objective). To the downside, price trading below 1.05 means some conolidation is needed. 1.01430 is the first support to come, and a break below will send price directly towards 1.0350 (1st objective). If no rejection occurs at this lelve, and 1.03 handle intermediate support does not reject prices, we may see a test of 1.0180 (2nd objective) in weeks ahead.

USDCHF Weekly

Daily :

Directionnal rise above 1.04 means the corrective move we've seen last days is a strong one. At this stage, price remains trapped between fib. levels from February 208 fall & old consolidation figures. Expected trading range for coming days extends from 1.0390 to 1.0710. To the upside, the corrective upmove may continue towards 1.07 (1st objective). Any break higher confirms MT bottom has been made, and further upmove towards 1.0840 may be seen. To the downside, a pullback & daily close below 1.05 means some consolidation is needed, and price may test the 1.04 handle (1st objective). Only a sustained downmove & daily close below 1.0310/30 argue for a larger correction towards 1.02 zone (2nd objective).

USDCHF Daily

4-Hours :

Price corrective trending in a raising channel still in palce. 1.06 channel high rejected prices and divergences appears. To the upside, 1.0610 top and 1.0640 dhannel high have to be broken to validate furhter uptrend towards 1.0780. To the downside, price may continue to swing between current range witch extends from 1.0440/70 to 1.0610/40. A break below range low means a correction towards 1.0330 last week base support is possible. Once there, price reaction has to be monitored in order to determine if a rebound is likely. A break below 1.0250 is negative.

USDCHF 4-Hours

WFXAdvisor

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