Wed, Jan 28 2009, 13:35 GMT
by Slobodan Drvenica
EURUSD
Extended near-term decline to reach 1.2764 low on 23 Jan, before basing for a test on pivotal 1.3387, ahead of 1.3472, 38.2% retracement of 1.4720/1.2764 decline. Only loss of 1.3118 will shift focus lower.
Res: 1.3330, 1.3363, 1.3387, 1.3447
Sup: 1.3159, 1.3118, 1.3087, 1.3035
GBPUSD
Rebound off 1.3500, 23 Jan low, retraced over 38.2% of decline from 1.5374, 08 Jan lower high, extending gains to 1.4342 so far. Further ascend is seen towards 1.4432, 50% retracement, while possible correction is seen contained by 1.4020.
Res: 1.4350, 1.4375, 1.4412, 1.4441
Sup: 1.4199, 1.4122, 1.4020, 1.3931

USDJPY
Maintains negative structure, with yesterday’s upper rejection at 90.08 confirming bear wedge forming. Below 88.42 signals initial drop to 87.97/10.
Res: 89.55, 90.08, 90.17, 90.58
Sup: 88.42, 88.27, 87.97, 87.57
USDCHF
Remains under pressure of last Friday’s 1.1717 shooting star candle to breach 4-week bull trendline at 1.1400. Possible hourly bear flag unfolds while below 1.1507/31, to open way towards 1.1205. Only regain of 1.1531 offers relief.
Res: 1.1452, 1.1507, 1.1531, 1.1600
Sup: 1.1318, 1.1290, 1.1205, 1.1185
Published on Wed, Jan 28 2009, 13:40 GMT
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