Today's Market Outlook

EURUSD

Reversal off 1.3080, 25 Nov top, reached 1.2582, one week low, retracing approximately 76.4% of the latest 1.2422/1.3080 upleg. Hourly studies keep the downside in focus, with 1.2563/1.2490, 24/21 Nov lows seen next, ahead of 1.2452/22, trendline support and downside boundary of the multi-week bear triangle/21 Nov higher base. Upside, 1.2700/30 seen capping for now.

Res: 1.2642, 1.2700, 1.2730, 1.2775
Sup: 1.2582, 1.2565, 1.2512, 1.2452

GBPUSD

Recovery attempt off 1.4556, 13 Nov 6-year low, has failed at 1.5532/11, with today's sharp fall from 1.5354 lower top, extending losses to 1.4884 so far. No signs of bottoming yet, with 1.4839, 24 Nov low, seen next. Break there will expose of 1.4701, 21 Nov low first. With retest of 1.4556, yearly low, not ruled out. Only regain of 1.5257, last Friday's low, will improve the picture.

Res: 1.5120, 1.5173, 1.5257, 1.5310
Sup: 1.4839, 1.4701, 1.4556, 1.4552

USDJPY

Maintains negative structure off 100.55, 04 Nov recovery high, with today's sharp decline though 94.42, trendline drawn off 90.89 support and denting 93.55, 20 Nov previous low, opening now way for stronger near-term losses. 93.14/02 seen next, ahead of 92.44/05, 27 Oct lows. Upside attempts now seen capped by 94.60/95.00 zone.

Res: 94.60, 94.71, 95.00, 95.95
Sup: 93.55, 93.14, 93.02, 92.44

USDCHF

Completion of an hourly bull flag last Friday signals further extension of an upleg from 1.1829, 25 Nov bottom. Today's lows at 1.2060 area still unconfirmed as higher low, with rally through 1.2141 required to attract 1.2197, ahead of 1.2222/95, while 1.2060/40 area offers initial support.

Res: 1.2155, 1.2200, 1.2222, 1.2295
Sup: 1.2060, 1.2030, 1.2000, 1.1953

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