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EUR/USD
Recovery off 1.2586, 24 Aug low, attempts to form a bearish wedge pattern, with 1.2778/91 expected to cap for fresh weakness. Loss of 1.2675/65 will bring bears back in play and expose 1.2608/1.2586 next. Break above 1.2791, however, will signal further recovery and open 1.2831/1.2900 instead.
Res: 1.2778, 1.2791, 1.2831, 1.2880
Sup: 1.2675, 1.2665, 1.2651, 1.2608
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100830073437.gif
GBP/USD
Remains within a corrective phase off 1.5371, with further strength looking to test 1.5610, 38.2% retracement of the 1.5997/1.5371 fall. Potential break higher will open 1.5672/89 next, otherwise, return to 1.5441/1.5371 would be likely scenario.
Res: 1.5573, 1.5596, 1.5610, 1.5617 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100830073416.gif
Res: 1.0325, 1.0335, 1.0380, 1.0400
Sup: 1.5497, 1.5465, 1.5441, 1.5400
USD/JPY
Reverses lower after testing the 86.00 area. While 86.39/46 caps, scope is seen for a near-term pullback to test former 6-week falling wedge turned to support near 85.00. Swing low is sought near there on encouraging daily studies.
Res: 85.46, 85.97, 86.24, 86.39
Sup: 84.84, 84.57, 84.37, 84.26
USD/CHF
Immediate downside risk hinges on 1.0335, 25 Aug lower high, as down-swings from 1.0625, 12 Aug high, extend. Break below 1.0220 low exposes risk towards this year's low at 1.0130 amid positive divergent daily studies.
Sup: 1.0259, 1.0220, 1.0182, 1.0130
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20100830073323.gif
