The Risk Today:
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EurUsd The Euro has topped at 1.3328 on yesterday and pulled towards daily support at 1.3080. The short-term momentum remains bullish despite current decline but downside pressure is high and a break past resistance into the 1.3150 region is needed to resume uptrend. On the lower side, support emerges at 1.3000 backed by 1.2960 and 1.2860.
GbpUsd GBP/USD's sharp retreat from 1.4374 with 4 hours MACD dragged below signal line suggests that an intraday top is in place. Break of 1.4028 minor support will suggest that rebound from 1.3503 has completed and will flip intraday bias back to the downside for retesting this low.
UsdJpy USD/JPY's break of 90.09 minor resistance suggests that rebound from 87.12 is resuming. As discussed before, decline from 94.61 should have completed after failing to sustain below 87.13 low. Consolidation from 87.13 is likely in progress. Above 91.29 will bring another rise to retest 94.61 before resuming
medium term down trend.
UsdChf USD/CHF rebounds from channel support and break of 1.1471 minor resistance indicates that pull back from 1.1714 has completed. Intraday bias is flipped back to the upside. On the downside, however, below 1.1313 will suggest that fall from 1.1714 is still in progress. More importantly, this will argue that rebound from 1.0366 has completed and deeper decline could be seen to 1.0864 cluster support next.
