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EUR/USD
Correction off 1.2586, 24 Aug fresh low, has tripped 1.2725 resistance today, reaching 1.2744. Near term outlook, however, remains negative, with scope for break below 1.2608/1.2586 to test 1.2522. Upside, 1.2770 caps for now, and possible break here to attract 1.2831, 20 Aug high.
Res: 1.2770, 1.2831, 1.2880, 1.2903
Sup: 1.2649, 1.2608, 1.2586, 1.2522
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20100826072926.gif
GBP/USD
Attempts to complete a third phase higher in a corrective structure from 1.5371, 24 Aug low. Earlier daily false break higher out of a rising channel dominates for an eventual return to weakness. Only regain of 1.5670/1.5700 zone would return to strength.
Res: 1.5617, 1.5670, 1.5687, 1.5700 http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20100826072903.gif
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20100826072843.gif
Res: 1.0327, 1.0335, 1.0380, 1.0400
Sup: 1.5482, 1.5460, 1.5425, 1.5400
USD/JPY
Completed a multiday bear configuration to extend the underlying downtrend. 83.58 has been reached so far, ahead of the current corrective bounce which should precede a fresh push lower to test key trendline support at 83.25.
Res: 84.87, 85.11, 85.42, 85.68
Sup: 84.50, 84.04, 83.58, 83.25
USD/CHF
Probes lower to breach previous 1.0257 low, following reversal after an upside failure ahead of key 1.0463, 19 Aug lower high. Risk is set at 1.0230, ahead of this year's interim low at 1.0130. Immediate resistance now stands at 1.0327/35.
Sup: 1.0230, 1.0182, 1.0162, 1.0130
