Today's Market Outlook

EURUSD

Continued to trend higher from 1.5303, 12 Jun low, taking out the key 1.5844 high from 09 Jun, now attacking the 1.5897, 31 Mar/21 Apr highs. Corrective dips have so far been short-lived, until the latest collapse through 1.5777. Overbought studies and a false break of 1.5897 have underpinned this retreat. Sustained loss of 1.5708, 200 day MA, shifts focus to the downside.

Res: 1.5750, 1.5779, 1.5800, 1.5827
Sup: 1.5695, 1.5684, 1.5652, 1.5628

GBPUSD

Extended gains from 1.9409 13 Jun low, to a peak of 2.0008 01 July, follow clearance of 1.9801, 09 Jun high. Weakness from 2.0008 extended through 1.9881 higher low to 1.9845 yesterday, before bouncing to 1.9948, ahead of the latest setback. 1.9840 so far met, an extension towards 1.9801/03 may occur before fresh attempts to move higher possibly start to emerge.

Res: 1.9885, 1.9910, 1.9938, 1.9948
Sup: 1.9801, 1.9788, 1.9770, 1.9748

USDJPY

Extended gains off 95.77, 2008 low, posted 17 Mar, to reach 108.59/108.42 on 16/25 Jun, forming a double top that was completed on a loss of 107.11/40. 104.99, near 62% retracement of 102.73/108.59, was seen 30 Jun, ahead of a reversal that fueled gains to 106.78 yesterday. Higher platform at 105.77/78 now buoys for a retest on 106.78, ahead of 107.22, 27 Jun high.

Res: 107.00, 107.21, 107.66, 107.85
Sup: 106.27, 105.95, 105.77, 105.45

USDCHF

Dipped through the 09 Jun low at 1.0149 on 30 Jun, to reach 1.0131, fully unwinding the previous recovery to 1.0541 on 13 Jun. Recovery attempts from 1.0131 were capped at 1.0230/33 on 02/03 July, ahead of a retreat to 1.0130 late yesterday/early today. Recovery attempts had stalled at 1.0166, until the latest rebound. Clearing 1.0230/33 stabilizes outlook and opens 1.0342.

Res: 1.0303, 1.0333, 1.0342, 1.0391
Sup: 1.0233, 102.09, 1.0185, 1.0165

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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.