EUR/USD

Accelerated losses after losing key short-term support at 1.3145, to resume broader downtrend off 1.4938, 2011 high. Break below 1.3045, Fib 61.8% of longer-term rally from 1.1875, 2010 low to 1.4938, exposed psychological level at 1.3000, where a temporary support was found. Bears remain in fully in play, with break below 1.3000 to focus next critical level at 1.2875, 09 Jan yearly low. Overextended near-term studies, however, suggest corrective action preceding fresh weakness. Initial resistance lies at 1.3100, ahead of higher platform at 1.3150 zone, while only firm break above 1.3200 would provide relief.

Res: 1.3200, 1.3235, 1.3250, 1.3280
Sup: 1.3160, 1.3145, 1.3100, 1.3054





GBP/USD

Steep fall followed yesterday’s upside rejection above 1.5600, losing initial support at 1.5560 and accelerating decline through 1.5525, 30 Nov low and figure support at 1.5500, to signal possible end of short-term corrective phase from 1.5422, 25 Nov low that was capped at 1.5777. The pair found temporary support at 1.5450, currently moving in a corrective mode, as near-term studies entered oversold territory. First resistance at 1.5500 is under pressure, with further extension higher to face barriers at 1.5540/60 zone and key near-term level at 1.5600, clearance of which would put immediate bears on hold. On the downside, loss of key support at 1.5422 would open way towards 1.5328, 22/23 Sep double bottom, ahead of yearly low and longer-term range floor at 1.5271.

Res: 1.5500, 1.5535, 1.5550, 1.5560
Sup: 1.5450, 1.5422, 1.5400, 1.5328





USD/JPY

Retest of strong barrier at 78.00 keeps the focus at the upside, as yesterday’s dip found footstep above key near-term support at 77.50. Positive tone on near-term studies remain in play but loss of momentum may risk further congestion under 78.00 mark. Initial supports at 77.80/63, need to hold to maintain near-term bulls. Clearance of 78.00/10 is required to resume gains towards next strong resistance at 78.27, 29 Nov peak.

Res: 77.87, 78.00, 78.10, 78.27
Sup: 77.80, 77.63, 77.48, 77.28





USD/CHF

Resumes the med-term uptrend from 0.7067, yearly and historical low, after break above near-term congestion at 0.9300 and clearance of previous high at 0.9328. Fresh rally accelerated through 0.9380, Fib 50% of longer-term descend from 1.1730, 2010 high to 0.7067, clearing 0.9400 barrier, en-route to psychological level at 0.9500, above which to focus 0.9546, 05 Nov 2010 low, next. Overstretched near-term studies, however, see potential for corrective pullback, preceding final push through 0.9500. Initial support lies at 0.9400, while only loss of higher platform at 0.9340 would delay immediate bulls in favor of deeper correction.

Res: 0.9469, 0.9476, 0.9500, 0.9546
Sup: 0.9400, 0.9386, 0.9340, 0.9328