Today's Market Outlook

EURUSD

Hesitated at a 2-year rising trendline before resolving lower to extend decline from 1.6020/40, 22 Apr/15 July major double-top. Subsequent loss of 1.4317 key higher low, 22 Dec 07, now adds to risk of extension towards 1.4015, 09 Oct 07 low and 1.4000 next, possibly 1.3840, 18 Sep 07 low, near 50% retracement of 1.1640/1.6040 rise, thereafter. 1.4375/85 resistance area, caps for now.

Res: 1.4330, 1.4365, 1.4385, 1.4410
Sup: 1.4261, 1.4212, 1.4171, 1.4126

GBPUSD

Continues to decline from 1.8792, 21/22 Aug tweezers top, where fresh 2-year lows were made daily since 22 Aug breakdown of 1.8510, 15 Aug former yearly low, support. Descending 5-day MA, now at 1.7777, has capped intraday upswing and sustained gyration below which would risk 1.7505/26, while different 1.618/2.618 projections intersect at 1.7445/46, to hint of a base.

Res: 1.7605, 1.7627, 1.7667, 1.7680
Sup: 1.7537, 1.7526, 1.7505, 1.7484

USDJPY

Accelerating decline following yesterday's loss of a 5-month bull trendline support, while further retracing prior upleg from 103.77, 16 July low. Further downside below 100/200-day MA, near 106.50/60, risks 105.40, 76.4% retracement of 103.77/110.67 upleg and 104.76 region. Resistance zone at 107.85/108.00 should cap for now.

Res: 107.40, 107.62, 107.85, 108.11
Sup: 106.45, 105.91, 105.67, 105.40

USDCHF

Maintains short-term bullish footing as yesterday's lower rejection of a 2- month rising channel drawn off 1.0011, 15 July low, pivots current rise to approach 1.1192/1.1202 minor lower tops. Further rise now hinges on yesterday’s 1.1008 low and over 1.1200/05 hinting near-term 1.1458, 50% retracement of 1.3286/0.9630 fall. Loss of 1.1008, however, warns of reversal to key 1.0842/25 support zone.

Res: 1.1145, 1.1180, 1.1192, 1.1202
Sup: 1.1080, 1.1039, 1.1008, 1.0965

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