GBPUSD: Weakens, Closes In On The 1.5982 Level.
GBPUSD-With price collapse taking out the 1.6152 level, its Aug 27'09 low on Tuesday, GBP remains susceptible to the downside in the nearer term and now looks to head towards it strong support standing at the 1.5982 level, its July 08'09 low and then the 1.5798 level, its July 08'09 low. Its daily RSI which is now bearish and trending lower is supportive of this view. On the other hand, stopping its current weakness will pave the way for a challenge initially on its Aug 28'09 high at 1.6379 followed by the 1.6622 level, its Aug 16'09 high with a loss of there targeting the 1.6742 level, its July 30'09 high and next the 1.7000 level. Beyond there will clear the way for a run at the 1.7041 level, its Aug 05'09 high. On the whole, although its broader medium term trend still remains higher, nearer term declines triggered off the 1.7041 level is set to continue.

Support /Comments
1.6308 July 22'09 low
1.6034/00 July 13'09 low/psycho level
1.5982 July 08'09 low

Resistance/ Comments
1.6152 Aug 27'09 low
1.6379Aug 28'09 high
1.6622 Aug 16'09 high


EURUSD: Biased To The Downside Nearer Term.
EURUSD-As loss of momentum at 1.4246 saw the pair collapsing and closing lower at 1.4207 on Tuesday, risk of further declines is now envisaged to target its MT rising trendlinecurrently seen at 1.4054. On a turn below that level, EUR could weaken further towards the 1.3747 level, its Jun 16'09 low. Its daily stochastic is bearish and trending lower suggesting further downside weakness. On the upside, resistance begins at the 1.4405 level, marking its Aug 27'09 high with a break and hold above there targeting the 1.4444 level, its Aug 03'09 high where a break higher through the latter will clear the way for a run at the 1.4719 level, its Dec 18'08 high and then the 1.4875 level, its Sept 21'09 high. On the whole, though it still retains its medium term upside, EUR is now challenged by its current intra day weakness.

Support/ Comments
1.4054 MT Rising Trendline
1.4000 Psycho level
1.3747 Jun 16'09 low

Resistance/ Comments
1.4405 Aug 27'09 high
1.4444 Aug 03'09 high
1.4719 Dec 18'08 high