Today's Market Outlook

EURUSD

Continues to trend lower off 1.4867, with clearance of 1.3882, low of the year, triggering fresh decline to 1.3443 on 6 Oct. Correction attempts were so far twice capped by 1.3742, warning of fresh weakness ahead. However, break below 1.3545 is required for 1.3443 retest, break of which would open 1.3375/60 next. Upside, lift above 1.3742 needed to extend correction towards 1.3773, then 1.3807.

Res: 1.3742, 1.3773, 1.3804, 1.3860
Sup: 1.3590, 1.3540, 1.3515, 1.3445

GBPUSD

Extended losses from a 1.8672, 25 Sep lower top, through 1.7445, 11 Sep low, to fresh reach 2-1/2 year lows at 1.7322/20 on 6/7 Oct, with bounce to 1.7650/60. Short-term trend remains bearish, but a further correction toward 1.7719/36 cannot be ruled out before fresh attempts lower through 1.7320, towards the 1.7250/30 area.

Res: 1.7529, 1.7560, 1.7599, 1.7680
Sup: 1.7350, 1.7320, 1.7280, 1.7250

USDJPY

Underwent recovery to 103.30, near 50% retracement of 106.15/100.22 downleg yesterday, to mark a lower top ahead of previous descending triangle breakout at 103.50. Further slide under 100.22/03 suggests scope towards 97.67, 19 Mar low. Further out, break below 97.67 will open 95.77, 2008 low, posted 17 Mar.

Res: 101.51, 101.75, 102.10, 102.57
Sup: 98.56, 98.45, 97.93, 97.67

USDCHF

Broke above 1.1419, 11 Sep high, to reach a fresh yearly high at 1.1488 yesterday. The setback from there is through 1.1370/34 initial target area, now opens open the 1.1318/1.1281 area, where a higher low may yet set up a fresh push higher towards 1.1524/44, with possible extension to 1.1575/1.1600 on a break. Losing 1.1281, however, will increase the likelihood of 1.1488 marking a short-term top.

Res: 1.1403, 1.1419, 1.1451, 1.1488
Sup: 1.1298, 1.1281, 1.1247, 1.1218

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