EurUsd EURUSD is still trading tentatively sideways around 1.3650 levels today, as neither the bulls nor bears are willing to make a move ahead of major announcements from Greece and the FOMC today. There is however a bullish engulfing candlestick on the daily chart which may be an indicator that the bulls are currently the more dominant force. First resistance from here is 1.3755 (Friday's close before we gapped lower at the start of this week), then 1.3825 (trend line resistance off the 12 & 14 Sep lows), 1.3937 (9 &15 Sep high), and 1.4148 (7 Sep high). The next technical levels below are still noted at 1.3558 (13 Sep low), 1.3496 (12 Sep low), 1.3461 (15 Feb low), and 1.3428 (14 Feb low).
GbpUsd GBPUSD managed to grind slightly higher over the past 24 hours, but the recovery rally stopped short of this week's 1.5757 highs, and has since started to fall back lower. There's a big risk event due later this morning with the release of the BoE minutes, so watch for some jumpy price action going into 08:30 GMT. To recap the key levels; we expect some weak demand at 1.5633 (19 Sep low), before we see a big gap until next supports at 1.5513 (11 Jan low), and 1.5476 (10 Jan low). The 4-week downtrend channel is still in play for now, so we expect rallies to struggle again ahead of1.5757 (this morning's high) and 1.5755-65 (upper edge of the current downtrend channel). Only a break above 1.5886 (12 Sep high) would compel us to believe that a bullish reversal is on the cards.
UsdJpy After USDJPY took out its major support zone 76.40-50, the pair has dipped to new lows on this sell-off of 76.12 - not a huge collapse, but consistent with the pace of most of USDJPY's recent moves. We are now hovering only a small distance above the downtrend channel floor at 76.00-05, so attention now turns to when we might re-test the all-time low 75.96 (set on 19 Aug), and perhaps even kick-on to challenge the major psychological barrier 75.00. First resistance should now appear around 76.66 (today's high), 76.98 (this week's high just after the Asian open), 77.30-40 (12 Sep US session high & 15 Sep high), 77.86 (9 Aug high), and 78.47 (8 Aug high).
UsdChf Yesterday's rumour that the SNB is planning on raising the EURCHF exchange rate floor has boosted USDCHF higher, taking us above the 200-day moving average and on to a high of 0.8984. No official corroboration of that SNB rumour has materialized, but the pair remains supported by good bids today. Next resistance now stands at 0.9012 (19 Apr high), 0.9105 (11 Apr high), and 0.9296 (6 Apr high). Should we start to head back lower, we expect the sell-off to meet first support at 0.8856 (overnight low), 0.8791 (yesterday's low), 0.8648 (15 Sep low), and 0.8540 (the post SNB intervention low).