Wed, Jan 14 2009, 15:05 GMT
by Slobodan Drvenica
EURUSD
Recovery attempt off 1.3312, 6 Jan low, stalled at 1.3801 on 08 Jan, just under key 1.3840 pivot, turning focus lower again. Break below 1.3312 pivots the market towards 1.3000/1.2894, psychological barrier/76.4% retracement of 1.2329/1.4723 advance. Upside attempts should be capped by 1.3140/88.
Res: 1.3335, 1.3374, 1.3400, 1.3431
Sup: 1.3000, 1.2968, 1.2903, 1.2894

GBPUSD
Strong decline from 1.5374, 08 Jan lower high, now risks full retracement of the rally from 1.4350, 31 Dec 2008 bottom, although a bounce towards 1.4617/56 may precede fresh weakness. However, while 1.4350 holds, scope remains for further recovery.
Res: 1.4600, 1.4710, 1.4765, 1.4785
Sup: 1.4470, 1.4428, 1.4375, 1.4350

USDJPY
Slipped lower off 94.65 to find short-term support at 88.80. Marginal higher low is now leading to pressure on 89.98/90.09 resistance area, where a break is needed to end bear structure.
Res: 89.98, 90.15, 90.30, 90.60
Sup: 88.98, 88.41, 88.10, 87.50
USDCHF
Maintains positive structure off 1.0370, 29 Dec low. Market will continue to pressure 1.1255/80 ceiling, with potential break there to focus 1.1562, 61.8% retracement of 1.2296/1.0368 decline next. Downside, 1.1098 underpins the advance.
Res: 1.1255, 1.1280, 1.1310, 1.1400
Sup: 1.1123, 1.1098, 1.1069, 1.1000
Published on Wed, Jan 14 2009, 15:27 GMT
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