EURUSD
Reverses back from yesterday’s 1.3025 low, extending above 1.3220/39 congestive tops, to reach 1.3275 thus far. Wedge-like pattern from Monday’s 1.3444 weekly high, hints basing. Reclaim of 1.3335, however, needed to confirm the recovery.
Res: 1.3335, 1.3374, 1.3426, 1.3447
Sup: 1.3144, 1.3093, 1.3055, 1.3025
GBPUSD
Price action from 1.4560, 13 Nov 08 low, shows double zigzag pattern. Retracing Tuesday’s 1.4827/1.4470 fall suggests further reversal to 1.4922/1.5030. Loss of 1.4350, however, dampens.
Res: 1.4910, 1.4922, 1.4954, 1.4993
Sup: 1.4758, 1.4710, 1.4694, 1.4645
USDJPY
Continues to firm, following yesterday’s downside rejection at 88.49, just above 88.42, 19 Dec higher low. Supportive near-term studies suggest basing for fresh advance towards 90.84, 38.2% retracement of 94.65/88.48 decline.
Res: 90.60, 90.83, 90.99, 91.66
Sup: 89.54, 89.25, 89.06, 88.35
USDCHF
Struggles to clear 1.1280, 06 Jan high and 1.1310, 50% retracement of 1.2251/1.0368 decline, following breakout of a minor 4-day bull flag. Risk is seen for loss of 1.1098 to signal bull easing.
Res: 1.1280, 1.1310, 1.1378, 1.1447
Sup: 1.1135, 1.1120, 1.1098, 1.1069
