Today's Market Outlook

EURUSD

Retreating sharply from Wednesday's rejection of a falling trendline drawn off 1.3300, 30 Oct recovery high, while a potential falling wedge continues to unfold. Further downside risks test of 1.2388/29, 13 Nov/28 Oct lows, although encouraging daily technicals may otherwise hint basing. Losing 1.2329 and 1.2301, 50% retracement of 0.8563/1.6040, risks 1.2134 next.

Res: 1.2566, 1.2625, 1.2659, 1.2703
Sup: 1.2448, 1.2388, 1.2329, 1.2300

GBPUSD

Correction from 1.4560, 13 Nov yearly low, met 1.5249 yesterday, with immediate retreat followed. Near-term trend hinges on 1.4998/98, Tuesday/yesterday's lows, which now broken should act as a region of resistance, which risks the resumption of a fifth wave extension towards a measured limit at 1.4303. Back above 1.4994, today's high, needed to neutralize bears.

Res: 1.4994, 1.5020, 1.5068, 1.5093
Sup: 1.4789, 1.4695, 1.4680, 1.4644

USDJPY

Rolls lower out of past 3-day triangle on the hourly chart to extend pullback via a possible 3-legged swing from 98.30, 13 Nov high. Scope is set towards 95.13 minor higher low next, with break exposing recent congestive lows at 94.53/48, approximately 61.8% retracement of 90.87/100.56 rise. Loss there would signal further pullback towards 93.15, 76.4% retracement. Only break above 97.12 would firm the tone.

Res: 96.11, 96.46, 96.73, 97.12
Sup: 94.97, 94.48, 94.00, 93.15

USDCHF

Has found support at 0.9630, 2008 low, posted 17 Mar, from where a substantial recovery has emerged. Now approaching the 100% extension of the 0.9870/1.1419, part of the overall uptrend from 1.0690, at 1.2239. This may act as short-term resistance, but should also act as a near term target. Clearance there targets 1.2496, 14 Jun 07 high, next.

Res: 1.2152, 1.2182, 1.2213, 1.2237
Sup: 1.2085, 1.2048, 1.2015, 1.1985

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