EURUSD
Dipped to 1.2331 on 28 Oct, following downleg off 1.4864, 22 Sep lower top. Bounce to 1.3300 was seen on 30 Oct, followed by tightening range as a larger bear triangle develops. The key supports stand at 1.2400/1.2388 and break below here would signal significant decline. Initial target would be 1.2134, 50% retracement of 0.8280/1.6040. However, regain of 1.2800/57 will to turn short-term focus higher.
Res: 1.2703, 1.2800, 1.2857, 1.2927
Sup: 1.2448, 1.2400, 1.2388, 1.2329
GBPUSD
Left a lower top at 1.6675 on 30 Oct, after recovery from 1.5259, 24 Oct low failed, with steady decline followed. A break of bear triangle at 1.5580 and loss of 1.5259 projects a fall to 1.4450, ahead of possible extension to 1.4042, 2002 low, posted 29 Jan. 1.4560 was seen last week ahead of the latest corrective bounce. Immediate resistance at 1.4962 has now been cleared, putting fresh push lower on hold for stronger correction above 1.5000 and possible retest of 1.5260.
Res: 1.5083, 1.5260, 1.5278, 1.5344
Sup: 1.4895, 1.4644, 1.4560, 1.4507
USDJPY
Rallied off late October’s fresh 2008 low at 90.87, to post a key lower top at 100.57 on 04 Nov. A 2 legged decline followed breaching 97.00/04 to spark a rapid drop to 94.48. A corrective bounce has followed and a further lower top is now sought for a return to 94.48 initially, ahead of 93.15, 76.4% retracement of 90.87/100.57 ascend. Break above 97.76/98.31 is needed to question near-term bear structure.
Res: 97.31, 97.61, 97.78, 98.10
Sup: 95.87, 95.42, 95.13, 94.50
USDCHF
Firmed off 1.0690, 22 Sep low, to reach 1.1803 high on 04 Nov. A corrective reversal followed, reaching 1.1550, ahead of a bounce to 1.1798. Consolidation under 1.1798/1.1803 formed a continuation pattern that signals upside to test a key trendline at 1.2150, with 1.2002 seen so far. 1.1847, 14 Nov low, now provides immediate support, while only loss of 1.1762 damages near-term bull structure.
Res: 1.2018, 1.2065, 1.2077, 1.2138
Sup: 1.1888, 1.1845, 1.1825, 1.1803
