Today's Market Outlook

Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 23 08 19:34 GMT |

EURUSD Reversal from 1.6040, 15 July historical high retraced just over 61.8% of the 1.6040/1.5782 decline, ahead of bounce to 1.5944/45. Subsequent reversal under 1.5828/32, 21 July higher lows aborted the recovery, warning of a fresh retreat. 1.5782 was exceeded at 1.5758 ahead of today's correction to 1.5798. Fresh weakness is now under way, targeted initially to 1.5692, possibly 1.5650/35 on a break. Res: 1.5758, 1.5782, 1.5798, 1.5807 Sup: 1.5692, 1.5672, 1.5650, 1.5635 GBPUSD Reversed from 2.0162, 3 1/2 month high to reach 1.9908/06 lows on 18/21 July. The bounce from there reached 2.0075, ahead of reversal. A slight overshoot of 1.9908/06 to 1.9897 occurred, ahead of latest bounce. 1.9982/2.0002 target area have been exceeded, opening 2.0013/38, before possibly leaving a lower top for retest of 1.9906/1.9897, possibly 1.9845/15 on a break. Res: 2.0038, 2.0064, 2.0078, 2.0097 Sup: 1.9945, 1.9906, 1.9897, 1.9882 USDJPY Extended gains off 95.77, 2008 low, posted 17 Mar, to reach 108.59/108.42 on 16/25 June, before establishing a broad corrective channel. Upswing from 103.77, 16 July low has cleared upper three week corrective trendline at 107.15. This resumes underlying strength for 108.00 first, with 107.92 being reached so far, ahead of 108.59/109.95. Downside, 107.16 now buoys advance. Res: 108.00, 109.20, 108.42, 108.62 Sup: 107.50, 107.14, 107.00, 106.81 USDCHF Recovered from 1.0010, 15 July 3 month low, to reach 1.0259 on 17 July, ahead of a setback to 1.0137. Fresh strength exceeded 1.0278/1.0305 target at 1.0335, ahead of today's correction lower to 1.0292. Fresh strength has emerged from there, reaching 1.0391 so far, with possible extension towards 1.0450/94 seen later on. Res: 1.0391, 1.0419, 1.0435, 1.0450 Sup: 1.0333, 1.0315, 1.0292, 1.0259 Windsor Brokers Ltd http://www.windsorbrokers.biz The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.