Today's Market Outlook

Daily Forex Technicals | Written by Windsor Brokers Ltd | Nov 07 08 08:22 GMT |

EURUSD Skidded lower from 1.4867 22 Sep key lower top to reach 1.2329 on 28 Oct 2008 low - 28 Oct before rebounding to 1.3300 on 30 Oct. A 2 legged decline from here saw 1.2527, Tuesday, ahead of an upswing to 1.3117 yesterday. This has been forming a bear flag & the lower level at 1.2650 is now under pressure. Below opens 1.2527/1.2329 1st, near-term objectives 1.2134 50% retracement. 1.2932 buoys. Res: 1.2805, 1.2874, 1.2932, 1.2957 Sup: 1.2650, 1.2615, 1.2568, 1.2527 GBPUSD Continues to slip off recent daily spinning candle high of 1.6675 with Wednesday's 1.6200 lower high resulting in latest breach of 1.5602 reaction low 04 Nov. This exposes risk for a possible full retrace towards 1.5260 24 Oct low. Meantime, recovery for now is limited towards 1.5727/55 resistance zone. Res: 1.5733, 1.5755, 1.5817, 1.5895 Sup: 1.5480, 1.5400, 1.5346, 1.5260 USDJPY Pulling back from Tuesday's weekly high of 100.56 near 50% of 110.67/90.87 fall as Wednesday's bear engulfing candle beckons. Further decline within a minor negative channel may stretch towards 96.85/75 ahead of current range floor at 96.08/35 29/31 Oct lows where a swing low may be anticipated. Back over Thursday's 98.69 high hints renewed strength. Res: 97.77, 98.25, 98.69, 99.07 Sup: 96.63, 96.35, 96.08, 95.71 USDCHF Firmed off 1.0690 22 Sep low to reach 1.1748 on 24 Oct. A corrective dip followed to 1.1200 last Thursday ahead of a lower rejection. 1.1803 was then seen Tue, before a higher base developed at 1.1550. A 2 day bull wedge formed and this is fueling a challenge on 1.1803, where an anticipated break will open 1.1890 62% of 1.3286/0.9630), guards 1.2150 trend-line off Aug 03.1.1635 buoys. Res: 1.1803, 1.1834, 1.1859, 1.1890 Sup: 1.1683, 1.1628, 1.1569, 1.1550 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.