Today's Market Outlook

EURUSD

Extends recovery off 1.5285, with succession of higher lows keeping bulls in play. Upside break of 1.5566/70 highs that initially capped, gains extended to 1.5633 on 19 May, ahead of sharp reversal to 1.5486, near the trendline support, where fresh strength emerged. The latest break above 1.5570/1.5633 resistances has so far seen 1.5679, with scope for extension towards 1.5693/1.5711. Downside, 1.5633/1.5570, now reverted to support, underpin the advance.

Res: 1.5693, 1.5711, 1.5740, 1.5755
Sup: 1.5570, 1.5560, 1.5535, 1.5525

GBPUSD

Recovery from 1.9364, 14 May low, initially reached 1.9623 high on 19 May, followed by sharp reversal to leave a higher low at 1.9452, ahead of fresh strength. Rally cleared 1.9623 resistance today, triggering fresh upside extension to 1.9690. Further gains target 1.9710/45 area, though overbought hourly studies warn of correction before fresh attempt higher. 1.9624/1.9596 offer initial support.

Res: 1.9690, 1.9710, 1.9723, 1.9748
Sup: 1.9624, 1.9596, 1.9575, 1.9535

USDJPY

Recovery from 95.72, 17 Mar low, peaked at 105.70 on 02 May, ahead of reversal to 102.57/61 on 09/12 May. Fresh rally attempted towards 105.70, reaching 105.43 on 14 May, ahead of reversal that is now testing 103.54/39 support. Potential loss of the latter will weaken the structure for deeper setback towards 103.20/05, while below 102.57 turns bearish. Downside rejection above 103.39, however, will keep bulls in play for renewed attempt at 105.45/70.

Res: 104.22, 104.48, 104.69, 105.05
Sup: 103.52, 103.39, 103.05, 102.57

USDCHF

Has nearly fully retraced the 1.06241.0390 decline, reaching 1.0599 high on 14 May, before retreating to 1.0413. The loss of 1.0485, 15 May low completed a minor top pattern, with bounce to 1.0571 having marked sort-of lower top for a deeper decline. 1.0390 has already been cleared, with 1.0375 reached so far. Market now looks for extension towards 1.0350/30, possibly 1.0315/1.0296 on a break, where bulls should re-assert.

Res: 1.0413, 1.0448, 1.0485, 1.0500
Sup: 1.0350, 1.0330, 1.0315, 1.0296

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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.