EURUSD
Correction from 1.2810, 07 Nov high, left a higher low at 1.2752, ahead of strong rally that broke above 1.2810 and 1.2827, previous 22 Sep high, to extend gains to 1.2899 so far and denting trendline resistance drawn off 1.2977, 05 Jun high. Further upside targets 1.2910/36, 10/21 Aug highs, though overbought hourly conditions warn of correction. 1.2840/20 area is expected to contain pullback, ahead of fresh advance. Loss of 1.2800/1.2790, however, will question bulls.
Res: 1.2899, 1.2910, 1.2920, 1.2936
Sup: 1.2840, 1.2820, 1.2790, 1.2770
GBPUSD
Rally off 1.8974, yesterday’s correction low, has cleared 1.9121, 07 Nov, 1.9133,01 Nov and 1.9142, 08 Aug, barriers extending gains to 1.9171 high this morning. Positive short term studies remains supportive for further upside extension towards 1.9220, 24 Apr 2005 high, although corrective pullback would likely precede fresh advance. 1.9121/06, former resistances, offer immediate support, ahead of 1.9070/45 area, where bulls should reassert. Only loss of the latter weakens the structure.
Res: 1.9171, 1.9200, 1.9220, 1.9250
Sup: 1.9106, 1.9080, 1.9070, 1.9045
USDJPY
Dipped from 118.57, yesterday’s peak, just above 118.43, previous 06 Nov high, to 117.45, ahead of short correction higher. Fresh weakness breached 117.40, trendline support, to extend losses to 117.16 thus far. Hourly studies are now approaching oversold territory, with corrective bounce towards 117.70/96 seen ahead of fresh push lower. Downside clearance of 117.25/16 would expose 116.95/65 next, while regain of 118.00 zone needed to revive bulls.
Res: 117.70, 117.96, 118.30, 118.43
Sup: 116.96, 116.65, 116.55, 116.30
USDCHF
Extended weakness from 1.2768, 13 Oct high, through 1.2403, former 01 Nov low, to 1.2344 today, retracing nearly 90% of the 1.2288/1.2768 upleg. Correction higher is underway, with 1.2400/35 expected to cap, ahead of fresh decline and potential break below 1.2344 to open 1.2300/1.2288 next. Only regain 1.2475/1.2500 improves the outlook.
Res: 1.2405, 1.2430, 1.2455, 1.2475
Sup: 1.2344, 1.2320, 1.2300, 1.2288
