The Risk Today:
---------------------
EurUsd An intraday low might be in place in EUR/USD at 1.2764 and some more consolidation could be seen, with risk of recovering to 1.3085 or above. Nevertheless, upside should be limited below 1.3385 resistance and bring fall resumption. Considering that correction from 1.2329 has possibly completed at 1.4719 already. Current decline from 1.4719 is expected to extend to retest 1.2329 low.
GbpUsd Some more consolidation could still be seen for the moment with an intraday low in place at 1.3503 and recovery to 1.4052 minor resistance cannot be ruled out. But still, upside is expected to be limited well below 1.4469 support turned resistance and bring fall resumption. Current fall is expected to extend to 61.8% projection of 1.8668 to 1.4557 from 1.5722 at 1.3186 next on resumption.
UsdJpy USD/JPY continues to stay in tight range above 87.97 today. As discussed before, the failure to sustained below 87.13 argues that consolidation from there might extend further before resuming medium term down trend. Intraday bias is mildly on the upside as long as 87.97 minor support holds and further recovery could still be seen.
UsdChf Further consolidation from 1.1714 could still be seen with an intraday top in place and another pull back to 4 hours 55 EMA (now at 1.1383) cannot be ruled out. Nevertheless, downside is expected to be contained by 1.1111 support and bring rally resumption. Above 1.1714 will target 1.2248/96 resistance zone.
