EURUSD
Continues to form a triangular consolidation, with market attempt towards 1.3824, being rejected at 1.3856, ahead of bounce. Upside clearance of 1.4058 is needed to firm the tone for extension towards 1.4222, while only below 1.3824 weakens for 1.3629 instead.
Res: 1.4058, 1.4099, 1.4148, 1.4178
Sup: 1.3915, 1.3882, 1.3851, 1.3824
GBPUSD
Today’s higher rejection 1.4815 has sparked a sell off that forms a 1.4350 to 1.4815 band. Bias now seeks for eventual downside break, with current bounce higher attempting to leave a lower top. Break below 1.4350 is needed to resume mid-term downtrend, while regain of 1.4850 provides relief.
Res: 1.4765, 1.4815, 1.4850, 1.4898
Sup: 1.4380, 1.4350, 1.4300, 1.4276
USDJPY
Completes a bull flag at 90.75, to signal further recovery from 87.13, 2008 low, posted 13 Dec. Market is now focused on 92.02, 11 Dec intraday high, with 90.54 underpinning current advance.
Res: 91.58, 92.02, 92.32, 92.60
Sup: 90.54, 90.14, 89.75, 89.54
USDCHF
Returns to strength after today’s clearance of 1.0745, 31 Dec high, also 50% retracement of 1.1132/1.0370 decline, ahead of 1.0795, 25 Dec high, with 1.0772 being reached so far. Clearing 1.0795 would firm for 1.0837, 61.8% retracement. Downside, 1.0616/04 expected to contain corrective dips.
Res: 1.0740, 1.0772, 1.0795, 1.0837
Sup: 1.0616, 1.0604, 1.0542, 1.0518
