EurUsd EURUSD slumped sharply on Friday afternoon and then gapped lower on the open this morning, leaving us trading around 1.3350 levels after hitting a low of 1.3314. Below us there is some weak trend line support around 1.3290-95 (trend line connecting the 12, 22 & 26 Sep lows), then some further support at 1.3245 (17 Jan low) before we would be looking at testing the major psychological level 1.3000. That being said, the decline from Friday's highs around 1.3600 was pretty rapid so the bears may take this opportunity to pause ahead of trend line support and take some profit. Relief rallies are however likely to meet good selling interest back around 1.3369 (this week's opening high).
GbpUsd The potential double top pattern we noted on the GBPUSD charts at the end of last week now looks to have become activated by the sell-off through 1.5543 (29 Sep low), so we have gone short and are now aiming for a target of roughly 1.5370 (calculated as distance from 1.5715 peak to 1.5543 break out level, subtracted from break out level). This morning the sell off got as far as 1.5492 before rebounding, but if we can proceed below there, next supports are eyed at 1.5433 (26 Sep low), 1.5328 (22 Sep low), 1.5297 (7 Sep low) and 1.5124 (21 Jul low). In the meantime, resistance levels are noted at 1.5666 (Friday's high), 1.5715 (29 Sep high), 1.5757 (19 Sep high), 1.5821 (38.2% Fibonacci retracement of the sell-off 1.6618 to 1.5328), 1.5886 (12 Sep high) and 1.5973 (50% Fibonacci level of that same sell-off).
UsdJpy USDJPY is continuing to grind slowly higher at the start of this week, with the Asian session bringing us up to a new peak of 77.27. It's certainly not been the most thrilling of moves, but the fact we managed to close above 77.00 at the end of last week is a pretty good signal that the slow rally over the past week is no fluke, and the bulls may be gradually asserting more influence. Next levels on the horizon are 77.30-40 (12 Sep US session high & 15 Sep high), 77.86 (9 Aug high), and 78.47 (8 Aug high). First support now creeps up to 76.50 (Friday's low), followed by 76.34 (28 Sep low), 76.12 (21-22 Sep lows), and not far behind there is the all-time low 75.96 (set on 19 Aug).
UsdChf USDCHF gapped higher on the open in Asia today, and has hit a high of 0.9129 thus far. With a broad uptrend channel still in play, there is plenty of upside for the bulls to explore and only a few historical resistance levels ahead. The first of those resistance levels is now 0.9143 (26 Sep high), then 0.9182 (22 Sep high), before we'd be trading in territory not seen since April. Subsequent resistance is noted at 0.9296 (6 Apr high), 0.9369 (9 Mar high), and 0.9506 (22 Feb high). Supports on the downside lie at 0.9081 (this week's low so far), 0.8920-30 (27-28 Sep lows), 0.8856 (21 Sep low), 0.8791 (20 Sep low), and 0.8648 (15 Sep low).