Today's Market Outlook

EURUSD

Decline from 1.4867, 22 Sep high, left a lower top at 1.3786 on 9 Oct, with break below 1.3443, 06 Oct low, extending losses to reach a fresh yearly low at 1.3258 on 10 Oct, ahead of latest rebound. Scope is now seen fresh rise to retest 1.3743/85, last week's high. Only loss of 1.3506/1.3443 to spark fresh weakness.

Res: 1.3694, 1.3722, 1.3742, 1.3756
Sup: 1.3540, 1.3506, 1.3456, 1.3445

GBPUSD

Extended losses from 1.8672 lower top on 25 Sep to 1.6781, lowest since Nov 03, after market broke below 1.7188/1.7047, 2006/2005 lows. A choppy correction higher has followed, exceeding 1.7395, 09 Oct lower top, suggesting further gains towards 1.7428/45, possibly 1.7496/1.7559, before the underlying downtrend reasserts. Supports now start at 1.7223/1.7180.

Res: 1.7445, 1.7496, 1.7559, 1.7599
Sup: 1.7230, 1.7188, 1.7180, 1.7111

USDJPY

Rally off 95.72, March's low, reached 110.67 on 15 Aug before topping, as a negative structure developed. Drop under 103.50 support completed a multi-month head and shoulders top pattern, sparking a sell-off to reach 97.91 on 10 Oct, so far. Consolidation attempt now being seen and while 101.20/49 zone caps, the short-term structure remains negative, looking for retest of 96.86, possibly 95.77. Lift above 101.20/49 would trigger corrective rebound to 103.50.

Res: 100.90, 101.20, 101.51, 101.75
Sup: 99.56, 99.10, 98.90, 98.60

USDCHF

Broke above 1.1419, 11 Sep high, to reach a fresh yearly high at 1.1488. The subsequent loss of 1.1370/34 and 1.1318/1.1281 support zones, ended hopes of a fresh rise to 1.1524/44, with weakness having reached 1.1129, ahead of a rebound to 1.1410/14 today. Consolidation now seen and while holding above 1.1240/10, scope remains for fresh rally toward 1.1488.

Res: 1.1414, 1.1444, 1.1488, 1.1524
Sup: 1.1240, 1.1200, 1.1161, 1.1120

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