Today's Market Outlook

Daily Forex Technicals | Written by Windsor Brokers Ltd | Nov 28 08 12:47 GMT |

EURUSD Remains constructive off 1.2422, 21 Nov higher low, to extend gains to 1.3080 on 25 Nov, shy of 1.3117, 05 Nov high. Failure to break higher sparked reversal to 1.2820 on 26 Nov, with consolidation within 1.2860/1.2967 followed. Attempt lower is now under way, attempting at 1.2860, break of which opens 1.4820 retest, break of which will turn short-term focus bearish for 1.2751, 50% retracement of 1.2422/1.3080 upleg. Upside, reclaim of 1.2967 is needed to keep short-term bulls in play for fresh attempt towards 1.3080/1.3100, 25 Nov high/trendline resistance. Res: 1.2956, 1.2967, 1.3027, 1.3080 Sup: 1.2820, 1.2805, 1.2751, 1.2675 GBPUSD Downtrend from July's 2.0154 peak reached 1.4556 on 13 Nov, ahead of recovery. This reached 1.5532 high on 25 Nov, followed by current correction/consolidation. Short-term outlook remains supportive for fresh attempt higher, with break through 1.5532 required to open 1.5600/1.5701, 50% retracement of 1.6669/1.4556 down-leg/ 11 Nov intraday high next. Downside, loss of 1.4982, 25 Sep higher low, will end bullish bias. Res: 1.5468, 1.5511, 1.5532, 1.5575 Sup: 1.5342, 1.5310, 1.5265, 1.5174 USDJPY Upside failure at 97.44 on 25 Nov, extended losses to 94.60 on 26 Nov, ahead of consolidation within 94.99/95.60 band. Short-term tone is biased for 94.60 retest, break of which would see further extension towards 94.25, key trendline support, while only regain of 95.60 improves the outlook and brings 97.44 retest back in focus. Res: 95.56, 95.75, 96.08, 96.35 Sup: 94.99, 94.60, 94.44, 94.25 USDCHF Bounced off 1.1830, 25 Nov low, to reach 1.2076 on 26 Nov, before easing. Higher platform is now in place at 1.1953/59, 27 Nov/today's lows, underpinning current attempt towards 1.2076, break of which will expose 1.2120/70, possibly 1.2222/53 on a break. Losing 1.1953, however, will weaken the tone and revive bears. Res: 1.2076, 1.2100, 1.2120, 1.2170 Sup: 1.2000, 1.1953, 1.1930, 1.1900 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.