Today's Market Outlook

Daily Forex Technicals | Written by Windsor Brokers Ltd | Jan 16 09 07:54 GMT |

EURUSD Reverses back from yesterday's 1.3025 low, extending above 1.3220/39 congestive tops, to reach 1.3275 thus far. Wedge-like pattern from Monday's 1.3444 weekly high, hints basing. Reclaim of 1.3335, however, needed to confirm the recovery. Res: 1.3335, 1.3374, 1.3426, 1.3447 Sup: 1.3144, 1.3093, 1.3055, 1.3025 GBPUSD Price action from 1.4560, 13 Nov 08 low, shows double zigzag pattern. Retracing Tuesday's 1.4827/1.4470 fall suggests further reversal to 1.4922/1.5030. Loss of 1.4350, however, dampens. Res: 1.4910, 1.4922, 1.4954, 1.4993 Sup: 1.4758, 1.4710, 1.4694, 1.4645 USDJPY Continues to firm, following yesterday's downside rejection at 88.49, just above 88.42, 19 Dec higher low. Supportive near-term studies suggest basing for fresh advance towards 90.84, 38.2% retracement of 94.65/88.48 decline. Res: 90.60, 90.83, 90.99, 91.66 Sup: 89.54, 89.25, 89.06, 88.35 USDCHF Struggles to clear 1.1280, 06 Jan high and 1.1310, 50% retracement of 1.2251/1.0368 decline, following breakout of a minor 4-day bull flag. Risk is seen for loss of 1.1098 to signal bull easing. Res: 1.1280, 1.1310, 1.1378, 1.1447 Sup: 1.1135, 1.1120, 1.1098, 1.1069 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.