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Break through 1.3696/36 key near-term supports and reversal of more than 38.2% of 1.2586/1.4280 upleg, now increases risk of further weakness. Hourly studies are negative but oversold, with correction on oversold conditions developing. 1.3820 is expected to cap for now. Below today's low at 1.3572, to open 1.3504, possibly 1.3434, 61.8% retracement.
Res: 1.3823, 1.3854, 1.3876, 1.3914
Sup: 1.3714, 1.3670, 1.3636, 1.3620
GBP/USD
Recovery attempt from 1.5951 stalled at 1.6180, leaving a lower top, ahead of fresh decline. Current attempt through 1.6010, trendline support, would turn immediate focus on 1.5951, break of which would expose 1.5897, 61.8% retracement of 1.5651/1.6180 upleg. Rejection above 1.5951, however, would keep hope of fresh strength, though clearance of 1.6148/80 is required to confirm.
Res: 1.6080, 1.6100, 1.6132, 1.6148
Sup: 1.5974, 1.5960, 1.5951, 1.5898
USD/JPY
Eases back after the latest strength off 80.52 stalled at 82.78. This is seen corrective while 81.54 holds, with higher low expected to precede fresh push higher. Clearance 82.79 is needed to resume recovery phase from 80.24/52 and open 83.06/73, 61.8% of 85.89/80.24 downleg. Loss of 81.55, however, would weaken the structure.
Res: 82.78, 83.06, 83.73, 83.98
Sup: 81.50, 81.25, 81.05, 80.52
USD/CHF
Continues to further retrace the recent 0.9969/0.9546 downleg, as 0.9640/68, trendline support/ higher low, supports the advance. Break above 0.9785 to expose 0.9806, 61.8% next, where a lower top may emerge, ahead of fresh weakness. Above0.9806/20, however, would focus 0.9969.
Res: 0.9785, 0.9806, 0.9820, 0.9903
Sup: 0.9668, 0.9626, 0.9604, 0.9585
