Today's Market Outlook

Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 15 08 07:44 GMT |

EURUSD

Has retreated to a potential corrective higher low at 1.5841 Monday before rebounding to maintain bullish posture off 1.5800/05. Further rise sets focus at 1.5972 Monday's high ahead of 1.6020 records high. A relapse back below 1.5800/05 and 1.5755/50 support zone however completes a suspected 5-wave structure from 1.5611, 07 July low.

Res: 1.5949, 1.5972, 1.6002, 1.6020
Sup: 1.5876, 1.5841, 1.5723, 1.5803

GBPUSD

Retreated to a low of 1.9814 Monday before returning to strength, extending current up move from 1.9649, 07 July low. Headway now above 1.9975, 02 July high, firms 2.0008, 01 July, and 2.0029, 21 Apr, resistance zone next as faint 60-hr/10-day MA bull crossover beckons. Losing 1.9814 low however marks a top instead.

Res: 2.0008, 2.0029, 2.0050, 2.0068
Sup: 1.9915, 1.9875, 1.9852, 1.9814

USDJPY

Undergone Monday's recovery for a potential lower top at 106.81, retracing 107.66/105.66, 3-legged swings. Upper rejection of 10-day MA at 106.60 possibly sets up downside return with break of 105.66 exposing risk towards 105.23/104.99 lows, 01 Jul/30 June. Above 106.81 and 107.30, 11 July high, zone however breaks sequence of lower highs to hint renewed strength

Res: 106.48, 106.66, 107.81, 107.01
Sup: 105.66, 105.45, 105.23, 104.99

USDCHF

Rejected Monday's push above 10-day MA to pullback sharply from 1.0251 high. Downside risk is set back at 1.0112 swing low, 03 July, approximately 50% of .9630/1.0625 up leg, with break extending bear phase off 1.0625 top, 08 May, to open 0.9997, 22 April, approximately 61.8% retrace. Regaining Monday's high however averts and firms next upswing instead.

Res: 1.0175, 1.0205, 1.0225, 1.0251
Sup: 1.0112, 1.0094, 1.0040, 1.0023

Windsor Brokers Ltd
http://www.windsorbrokers.biz