HIGHLIGHTS:

EURUSD: On Course For A Decline Towards The 1.4176 Level - With an extension of the pair’s weakness triggered off the 1.5143/39 levels continuing Tuesday, further downside weakness 


USDJPY

USDJPY

USDJPY: Upside Offensive Turn Focus To The 92.31 Level

USDJPY – With a breach of its Nov 04’09 high at 91.31 seen on Tuesday, threats of further upmoveare now expected towards the 92.31 level, its Oct 27’09 high. Another resistance within this area is seen at the 92.22 level, representing its daily 200 ema.
Surmounting these two levels will set the stage for further upside gains towards the 93.85 level where its channel top is located. This view is supported by its daily and weekly stochasticswhich are bullish and pointing higher suggesting further strength. Supports are situated at the 91.31 level, its Nov 04’09 high ahead of its Dec 04’09 high at 90.77 where a reversal of roles may occur. Further down, the 88.30 level, its Dec 14’09 low and the 88.00 level, its Oct 07’09 low come in as the next support levels and then the 87.35/10 levels.


EURUSD

EURUSD

EURUSD: On Course For A Decline Towards The 1.4176 Level. 

EURUSD – With an extension of the pair’s weakness triggered off the 1.5143/39 levels continuing Tuesday, further downside weakness is now expected towards its key support level residing at the 1.4176 level, its Sept 01’09 low .EUR weakened further Monday on the back of its past week losses. With a halt in the mentioned declines yet to be seen, below the 1.4176 level will set the stage for more downside pressure towards the 1.4044 level , its Aug 17’09. Further out, support is located at its big psycho level at 1.4000. Its daily and weekly RSI are bearish and pointing lower though the former is in an oversold zone. On the other hand, corrective recovery if seen should trigger upmovetowards its Aug 05’09 high at 1.4446 and then the1.4479 level, Dec 02’09 low where we might likely see a cap thereby turning the pair lower again. If however that level fails to hold, the 1.4625 level, its Nov 03’09 low will be targeted ahead of the 1.4799 level, its Nov 20’09 high with a climb above the latter turning attention to the 1.4903 level, the back of its invalidated LT rising trendline.