EUR/USD
The pair ticks lower in the mi-European session and beginning of US session, after fresh strength from yesterday’s base at 1.3075, failed to sustain gains above 1.3200 mark. Initially positive sentiment on near-term studies is now fading, with immediate risk of retesting support zone at 1.3160/50, today’s intraday low / 20 day SMA, however, while main bull trendline at 1.3100 and strong support at 1.3075 hold, broader bullish structure would stay intact. Loss of 1.3075 would weaken the near-term structure and confirm completion of Head and Shoulders pattern on hourly chart, as the neckline lies at 1.3075. On the upside, lift above 1.3232, to resume bulls towards 1.3300 next.

Res: 1.3212, 1.3232, 1.3258, 1.3300
Sup: 1.3160, 1.3145, 1.3132, 1.3111





GBP/USD
The recent rally from 1.5653, yesterday’s low and strong support zone, where the pair based, eventually broke above critical barrier at 1.5770, extending gains to 1.5794 so far. Brief consolidation is under way, with positive near-term studies favoring fresh rally and extension above 1.5800, Fib 61.8% of 1.6164/1.5622, for test of next barriers at 1.5875/85. Today’s close above 1.5770 to confirm positive structure. Initial support lies at 1.5740, previous highs / 20 day SMA.

Res: 1.5794, 1.5805, 1.5850, 1.5875
Sup: 1.5761, 1.5740, 1.5724, 1.5700





USD/JPY
The pair slumps to the levels close to 76.00 support, after upside rejection at 78.30 zone, previous range ceiling / 200 day SMA, triggered sharp reversal. Short-term outlook remains negative, with possible extension below 76.00 and test of record low at 75.56, posted on 31 Oct 2011, seen as likely scenario. However, possibility of Bank of Japan’s action is also quite high, as main support at 76.50 has been lost. Corrective action on oversold near-term conditions remains so far limited under initial barrier at 76.50, however, further extension higher towards 76.75/77.00 is not ruled out, before bears take control.

Res: 76.50, 76.65, 76.75, 76.85
Sup: 76.21, 76.16, 76.10, 76.00





USD/CHF
Remains under pressure, maintaining short-term negative structure, after corrective bounce from last Friday’s fresh low at 0.9113 was capped by descending 20 day SMA at 0.9208, just ahead of initial barrier at 0.9227, Friday’s high / Fib 23.6% of 0.9573/0.9113 descend. While the latter stays intact, downside risk towards 0.9113 / 0.9100 dominates, with break lower to trigger fresh extension of short-term bear-trend and expose Fib 50% at 0.9075 and figure support at 0.9000.

Res: 0.9158, 0.9188, 0.9208, 0.9227
Sup: 0.9120, 0.9113, 0.9100, 0.9075