Today's Market Outlook

EURUSD

Recovery attempt from 1.5285, 08 May low, reached 1.5570 on 12 May, ahead of corrective dip to 1.5396 yesterday, that marked higher low, before recovery resumption. Initial resistance at 1.5523 has been cleared, with gains extending to 1.5546, ahead of reversal that is currently attempting at 1.5497/88 support. Ability to hold here will mark higher low for fresh push higher towards 1.5546, then 1.5566/70. Loss of 1.5488/80, however, will weaken the near-term structure and expose 1.5450, then 1.5437/31, possibly to retest 1.5408/1.5396.

Res: 1.5546, 1.5566, 1.5595, 1.5605
Sup: 1.5470, 1.5450, 1.5430, 1.5408

GBPUSD

Remains in downtrend from the 2.0024, 21 Apr lower top, reaching 1.9364 low yesterday, ahead of the latest bounce. Rally reached 1.9500, ahead of fresh decline, that now warns of a lower top, ahead of a fresh attack on the Jan/Feb 1.9360/36 lows, an eventual loss of which will turn focus towards the 2007 low at 1.9185.

Res: 1.9487, 1.9500, 1.9516, 1.9570
Sup: 1.9424, 1.9415, 1.9394, 1.9360

USDJPY

Rally from 95.72, 17 Mar low, peaked at 105.70 on 02 May, followed by dip to 104.02. Recovery attempt left slightly lower high at 105.59, ahead of strong decline. This reached 102.57/61 lows on 09/12 May. The latter now buoys advance and 104.10 resistance, 50% retracement of 105.70/102.57 decline has been breached in attempt to retest the 105.59/105.70 region, with possible extension to 106.60 seen on a break. 104.58/30 offers initial support.

Res: 105.44, 105.59, 105.70, 106.20
Sup: 104.58, 104.30, 104.00, 103.76

USDCHF

Recovery from 22 Apr higher low at 0.9997 peaked at 1.0625 on 08 May, 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, with subsequent recovery to 1.0508/10, ahead of downleg to 1.0390.Upside attempt reached 1.0599 high yesterday, ahead of latest dip to 1.0485, where fresh strength emerged. Upside clearance of 1.0556/70 is required to sustain gains towards 1.0607/24.

Res: 1.0556, 1.0570, 1.0599, 1.0607
Sup: 1.0485, 1.0461, 1.0428, 1.0420

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