Today's Market Outlook

Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 09 08 08:01 GMT |

EURUSD

Marks a minor swing top failure on the hourly chart Tuesday at 1.5740 before the ensuing pullback to retrace Monday's 1.5611 upleg. Focus is set back at the latter with break resuming the decline off 1.5910, 03 Jul high, towards 1.5537, 25 June, approx 61.8% of 1.5303/1.5910 upleg. A final thrust back at 1.5754/78 resistance zone may be seen before bears reassert.

Res: 1.5728, 1.5740 1.5754, 1.5778
Sup: 1.5674, 1.5650, 1.5635, 1.5521

USDJPY

Marks lower touch-point of an 8-day rising trendline support after Tuesday's slide at 106.25. Subsequent sharp rebound resets focus back at Monday's 107.75 weekly high with break favoring test of congestive tops at 108.59/62. Waning intraday momentum studies however warn immediate exhaustive risk while a pullback seeks a swing low over 106.25. Loss there weakens.

Res: 107.59, 107.75, 108.00, 108.19
Sup: 106.93, 106.65, 106.25, 106.04

GBPUSD

Shall resume 61.8% retracement of 1.9409/2.0008 rise at 1.9638 following Monday- Tuesday's 1.9649/1.9797 bounce. However, sellers should exercise caution on close proximity to 1.9580/85, 19/23 June lows, owing to bullish implication from 14-day RSI positive reversal signal. For now, hourly technicals favour a fresh upswing into 1.9708/49. Consolidation may trace out a bear pennant.

Res: 1.9749, 1.9863, 1.9797, 1.9828
Sup: 1.9675, 1.9666, 1.9649, 1.9638

USDCHF

Returns to strength after Tuesday's dip at 1.0219, rejecting Monday's 1.0226 low to set up latest upswing and extending recovery phase from 1.0112, 03 July low. Immediate rise may stretch towards 1.0377, 61.8% retrace of 1.0541/ 1.0112 fall, and 1.0391, 26 June high, region. Hourly over-extended conditions however may delay and pullback seeks a low over 1.0219.

Res: 1.0350,1.0377, 1.0391, 1.0419
Sup: 1.0270, 1.0246, 1.0219, 1.0196

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