Today's Market Outlook

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

09:00 (GMT+3) Has fallen to a low of 1.5611 Monday, near 50% of 1.5303/1.5910 upleg before staging modest rebound. Immediate recovery may stretch towards 1.5778, 50/61.8% retrace of 1.5910/1.5611 downleg where a swing top may emerge before next downside attempt as last Thursday's engulfing candle looms. Below 1.5611/00 opens 1.5537, 25 June, near 61.8% retrace.

Res: 1.5754, 1.5778, 1.5796, 1.5827
Sup: 1.5669, 1.5645, 1.5621, 1.5511

USDJPY

09:00 (GMT+3) Has risen to the top of a 6-day rising channel resistance at 107.75 before easing to highlight a possible 3-legged structure off 104.99 low, 30 June. Pullback thus far finds support over last Friday's 106.60 while reclaiming 107.75 is needed to reinstate bulls back at the congestive 108.59/62 tops. Losing 106.60 however warns a minimum 106.05/00, 61.8% - 104.99/107.75.

Res: 107.41, 107.59, 108.75, 108.00
Sup: 106.88, 106.55, 106.47, 106.20

GBPUSD

09:00 (GMT+3) Headed for 61.8% retracement of 1.9409/2.0008 upleg at 1.9638 but interrupted by Monday's rebound off 1.9649 low to 1.9790 high. Hourly RSI negative reversal emerges from this upswing to warn of impending fall to 1.9630 zone but above 1.9828/49 will negate this call. Exercise caution when losses approach 1.9580/85, 19/23 June lows as 14-day RSI positive reversal hints of a base.

Res: 1.9777, 1.9790, 1.9800, 1.9828
Sup: 1.9712, 1.9691, 1.9668, 1.9649

USDCHF

09:00 (GMT+3) Crested for a minor double-top on the hourly chart at 1.0344 high Monday, near 61.8% retrace of 1.0494/1.0112 fall before an ensuing sharp pullback. A swing low is sought above 1.0200/1.0196, 61.8% of 1.0112/1.0344 rise prior to next upleg as last Thursday's towering bullish candle bolsters recovery. Beyond 1.0344 favors 1.0391, 26 June high.

Res: 1.0304, 1.0331, 1.0344, 1.0358
Sup: 1.0226, 1.0196, 1.0166, 1.0149

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