Forex Technical Analysis – Today’s Market Outlook 06.21.2010
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EURUSD
Extends near-term recovery phase off 1.1875, 2010 low, posted 07 Jun, with fresh high of 1.2468 reached earlier today. A higher platform at 1.2350 now underpins advance for a push to 1.2525/1.2560. Under 1.2350/39 would shift focus lower and expose 1.2240, 17 Jun low.
Res: 1.2415, 1.2454, 1.2485, 1.2525
Sup: 1.2350, 1.2339, 1.2315, 1.2240
GBPUSD
Continues to trade within the hourly rising wedge, with scope now seen for fresh gains towards 1.4965, wedge resistance. Potential break here would expose 1.5000/50 next, while 1.4771 underpins. Medium-term outlook, however, keeps return to 1.4230 favored.
Res: 1.4885, 1.4917, 1.5005, 1.5054
Sup: 1.4771, 1.4747, 1.4718, 1.4644
USDJPY
Extends the short-term reversal off 94.97, 05 May peak, 90.22, fresh low, seen overnight. Next target stands at 89.80, break of which will expose 88.95/87, 20 May low / trendline off 84.80 support. Upside attempts seen capped by 91.07 for now.
Res: 91.07, 91.49, 91.81, 91.95
Sup: 90.22, 89.80, 89.21, 88.95
USDCHF
Declines off the 1.1730, 01 Jun yearly high, extend through 1.1060/36 supports, to target next extension at 1.0924, with 1.0995 seen so far. Only regain of 1.1092, intraday peak, would open fresh recovery towards 1.1154, and delay immediate bears.
Res: 1.1092, 1.1154, 1.1249, 1.1290
Sup: 1.1007, 1.0995, 1.0924, 1.0840
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