Today's Market Outlook

Daily Forex Technicals | Written by Windsor Brokers Ltd | Feb 20 09 08:03 GMT |

EURUSD Extended downtrend after break of key 3 month bull trend at 1.2720, to reach 1.2513 yesterday, ahead of current bounce. 1.2706/35 offer initial resistance and failure to break higher will keep focus on 1.2513 then 1.2423. Clearance of 1.2735, however, opens way for stronger recovery. Res: 1.2641, 1.2673, 1.2706, 1.2720 Sup: 1.2513, 1.2466, 1.2423, 1.2388 GBPUSD Yesterday's lower rejection at 1.4092 and base completion at 1.4320, signals a fresh bull phase. Market now targets 1.4434 and 1.4540, 38.2%/50% retracement of 1.4984/1.4095 downleg. Res: 1.4419, 1.4434, 1.4485, 1.4540 Sup: 1.4210, 1.4175, 1.4123, 1.4071 USDJPY Rallies off 89.70/81, 11/12 Feb double bottom continues to trend higher, with 93.96 seen so far. Market now seeks for 94.65, 6 Jan near-term high/pivot test. 92.75 now supports. Res: 93.96, 94.15, 94.65, 94.99 Sup: 93.28, 92.68, 92.09, 91.86 USDCHF Extends uptrend off 1.1315, 27 Jan low, to approach 1.1843, 76.4% retracement of 1.2298/1.0370 decline, break of which will open 1.1925, 04 Dec high, ahead of 1.2000 psychological level. Loss of 1.1652, however, weakens the structure. Res: 1.1831, 1.1843, 1.1870, 1.1925 Sup: 1.1707, 1.1647, 1.1575, 1.1562 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.