Today's Market Outlook

EURUSD

The latest downleg of decline from 1.6019, 22 Apr all-time high, from 1.5594, 06 May higher low, bottomed at 1.5285 on 08 May, ahead of bounce. Recovery reached 1.5488 highs on 09 May/today, interrupted by dip to 1.5366. Current gains need to clear 1.5488 to avert immediate downside risk and open 1.5594 for retest, otherwise, 1.5488 will mark a lower top ahead of fresh attempt towards 1.5366, then 1.5285.

Res: 1.5488, 1.5500, 1.5520, 1.5536
Sup: 1.5400, 1.5394, 1.5366, 1.5342

GBPUSD

Extended decline from 2.0024, 21 Apr lower top, with break below 1.9600, marking full retracement of 1.9600/2.0024 upleg and triggering fresh losses that bottomed at 1.9442 today. Recovery attempt is under way, with 1.9616 high reached so far, just ahead of 1.9618, 08 May previous high. Sustained lift above 1.9618/34 is needed to resume correction and expose 1.9712/45 next. Failure at 1.9618 will risk lower top, ahead of fresh decline for extension under 1.9442, to target 1.9365/35.

Res: 1.9618, 1.9634, 1.9654, 1.9683
Sup: 1.9502, 1.9459, 1.9441, 1.9410

USDJPY

Extended recovery from 95.72, 17 Mar low, to reach 105.70 on 02 May. A dip to 104.02 followed, before a marginally lower high at 105.59. Fresh decline cleared 104.02 support, completing a top, and extending losses to 102.61/57 on 09 May/today, ahead of current recovery that challenges 104.02 resistance. Clear break there is needed to re-focus 105.59/70, possibly 106.60 on a break, while 102.57 supports and potential loss there to open 101.90 instead.

Res: 104.02, 104.15, 104.33, 104.59
Sup: 103.22, 103.00, 102.57, 102.25

USDCHF

Extended the recovery from 22 Apr higher low at 0.9997 to briefly reach 1.0625 before reversing through 1.0550/42 to leave a failed upwards break above 1.0607, 02 May former top. Steady decline to 1.0390 followed, ahead of the latest recovery. This is as so far seen corrective, with clearance of 1.0542/50 needed to avert a subsequent extension lower.

Res: 1.0510, 1.0542, 1.0550, 1.0595
Sup: 1.0428, 1.0405, 1.0390, 1.0360

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The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.