Today's Market Outlook

EURUSD

Continues to further retrace the latest upleg from 1.2586, following an upside rejection at 1.2916 on 06 Sep. Market so far reached 1.2675, just above the trendline drawn off 1.2586, currently at 1.2672. Break here will open 1.2625/1.2586 for retest, with potential break here to resume underlying bear trend and expose 1.2522/1.2480, July lows. Upside, 1.2775, 02 Sep low, is expected to cap for now.

Res: 1.2732, 1.2775, 1.2840, 1.2875
Sup: 1.2672, 1.2625, 1.2586, 1.2522

GBPUSD

Yesterday's break below the recent range floor has reached 1.5295, ahead of fresh strength. This is currently testing 1.5490, 06 Sep previous low, also channel resistance, break of which is required to neutralize short-term bears and open way towards 1.5596/1.5617, 26/23 Aug previous highs. Failure to break higher, however, will return to weakness.

Res: 1.5492, 1.5543, 1.5573, 1.5596
Sup: 1.5414, 1.5344, 1.5336, 1.5325

USDJPY

Maintains negative tone, following an upside rejection at 85.21 on 03 Sep and break below the recent consolidation floor at 83.66/51. This now signals the phase lower and targets 81.88, May 1995 low, short-term. Today's high at 83.86 offers immediate cap.

Res: 83.86, 84.05, 84.27, 84.52
Sup: 83.33, 82.30, 81.88, 81.30

USDCHF

Is currently attempting to break through key long-term bear flag support at 1.0065, as last Friday's upside rejection confirms weakness. Break below 1.0065 would signal significant medium-term weakness, targeting 0 .9980/16 initially. Yesterday's high at 1.0145 should now limit the upside.

Res: 1.0124, 1.0145, 1.0186, 1.0237
Sup: 1.0059, 1.0027, 1.0000, 0.9980