Extended decline to reach fresh multi-year low of 1.2142 yesterday, just ahead of key 1.2134 level, 50% retracement of 0.8225/1.6039 ascend. A correction has followed and 1.2443 possibly caps this phase for a fresh weakness towards 1.2134, where an eventual break is favored. Clearance of 1.2443 opens 1.2514/34 instead.

Res: 1.2443, 1.2465, 1.2514, 1.2534
Sup: 1.2319, 1.2256, 1.2228, 1.2142

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100520083211.gif

 

GBP/USD

Undergoes short-term consolidation just above 1.4235, yearly low. While 1.4273 holds, return towards 1.4517/47 area is not ruled out, however, medium-term bias remains firmly to the downside following a push through key 1.4475 support on 17 May.

Res: 1.4465, 1.4497, 1.4517, 1.4547
Sup: 1.4304, 1.4274, 1.4235, 1.4200

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100520083120.gif

 

USD/JPY

Continues to trend lower off 93.50/64 double top area that ended the recovery leg off 87.96, yearly low, posted on 06 May. Market touched 90.83 support today, with break here to expose 90.00 next. Upside, 91.86/92.24 zone offers initial resistance, and break here is required to improve.

Res: 91.86, 92.25, 92.43, 92.95
Sup: 90.83, 90.57, 90.00, 89.70

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100520083053.gif

USD/CHF

Maintains positive tone as the market climbs toward a long-term falling trendline at 1.1785. Lower spike rejection yesterday at 1.1417 confirms trend. Initial target now stands at 1.1675, while 1.1449 provides immediate support.

Res: 1.1584, 1.1605, 1.1675, 1.1700
Sup: 1.1449, 1.1417, 1.1402, 1.1377

http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100520083008.gif