Today's Market Outlook

Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 07 08 07:31 GMT |

EURUSD

09:00 (GMT+3) Breaks out of minor consolidation after last Thursday's losses off 1.5910 high to move under 1.5678, 38.2% of 1.5303/1.5910 upleg region. Subsequent breach of former swing top at 1.5652, 20 June hints deeper pullback to retrace 1.5303, 13 June upleg towards 1.5537, 25 June, near 61.8% retrace while extending short-term ranging mode.

Res: 1.5728, 1.5752, 1.5778, 1.5827
Sup: 1.5628, 1.5616, 1.5600, 1.5578

USDJPY

09:00 (GMT+3) Breaks out of past 2-day bull coil to push above falling 10-day MA while highlighting a 5-day rising wedge drawn off 104.99 low, 30 June. Headway above 107.22, 27 June high, 61.8% of 108.59/104.99 downleg hints recent pent-up bull with scope for possible return move towards the 108.59/62 congestive tops. A reversal under 106.60 however weakens.

Res: 107.66, 107.85, 108.19, 108.42
Sup: 106.88, 106.58, 106.47, 106.20

GBPUSD

09:00 (GMT+3) Failed to find support from 1.9792, 20 June former pivot high as losses from 2.0008, 01 July high extends towards 1.9770/47, 25 June high/61.8% retrace of 1.9585/2.0008 upleg. A minimum swing above last Friday's 1.9849 high is needed reopen 1.9881/88 ahead of 1.9915/40 to reaffirm uptrend resumption. Until then, the pair shall respond to weakening daily technicals and head south.

Res: 1.9800, 1.9835, 1.9849, 1.9888
Sup: 1.9747, 1.9715, 1.9709, 1.9689

USDCHF

09:00 (GMT+3) Has firmed off last Thursday's bull engulfing day which took out 1.0270 lower top, 27 June. This favors further retrace of 1.0494 downleg, 23 June and the larger 3-legged swings from 1.0541, 13 June towards initial 1.0304, 20 June low and 1.0326/33, 50% of 1.0541/1.0112 fall region. A swing low is now sought towards 1.0200/1.0190 via a potential bull flag on the hourly chart.

Res: 1.0333, 1.0349, 1.0377, 1.0391
Sup: 1.0232, 1.0196, 1.0175, 1.0149

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