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EUR/USD

Failed to extend recovery off 1.2586, with reversal emerging from 1.2778, just above 23.6% retracement of 1.3332/1.2586 downleg. This has completed a rising wedge and market now looks for retest of 1.2586, break of which will open 1.2522 and 1.2480.

Res: 1.2675, 1.2715, 1.2745, 1.2778
Sup: 1.2608, 1.2586, 1.2522, 1.2480





GBP/USD

Correction from 1.5371 has stalled at 1.5596, just under 1.5610, 38.2% retracement of 1.5997/1.5371 decline, with bears now attempting to complete a three-legged reversal off 1.5596. Potential break below 1.5371 would open fresh weakness, as short-term outlook remains negative.

Res: 1.5472, 1.5533, 1.5573, 1.5596
Sup: 1.5371, 1.5335, 1.5322, 1.5296




USD/JPY

Maintains negative tone, following yesterday’s failure of the recovery attempt from 83.58 at 85.89. This now opens way for retest of 83.58, yearly low, and 83.51, Jun 1995 low. Corrective attempts are seen limited by 84.50/82 for now.

Res: 84.50, 84.82, 85.19, 85.46
Sup: 84.04, 83.89, 83.58, 83.51



USD/CHF

Continues to trend lower towards a major bear flag trendline at 1.0065, drawn off the Mar 2008 low. Cycle low at 1.0220, 27 Aug low, is now being lost, with next target standing at 1.0130, 2010 low, posted 11 Jan. Upside, 1.0310/19 zone expected to cap.

Res: 1.0250, 1.0275, 1.0307, 1.0325
Sup: 1.0182, 1.0162, 1.0130, 1.0065

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