The Risk Today:
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EurUsd EUR/USD edges higher to 1.3385 but lacks follow through momentum and retreats. While further recovery cannot be ruled out, short term outlook remains bearish as long as 1.3796 resistance holds. As discussed before, consolidation from 1.2329 has possibly completed at 1.4719 already. Below 1.3183 minor support will flip intraday bias back to the downside. Break of 1.3026 will indicate that fall from 1.4719 has resumed for retesting 1.2329 low.
GbpUsd GBP/USD's recovery was limited below 1.4980 and outlook remains unchanged. Recovery from 1.4469 is tentatively treated as completed at 1.4980. Further downside is in favor. As discussed before, we're still favoring the case that consolidation from 1.4557 has either completed at 1.5722 or 1.5372. Below 1.4469 will bring fall to 1.4350 and break there will confirm that medium term down trend has resumed. However, above 1.4980 will argue that more sideway trading could be seen in mentioned range of 1.4350/5722 before resuming medium term down trend
UsdJpy USD/JPY edges higher to 91.29 earlier today but retreated since then. While further upside cannot be ruled out, recovery from 88.47 is still expected to be limited by 91.65 cluster resistance (50% retracement of 94.61 to 88.47 at 91.54) and bring fall resumption. Below 90.07 minor support will flip intraday bias back to the downside for 88.47 first. As discussed before, corrective rise from 87.13 should have completed with three waves up to 94.61. Below 88.47 will bring retest of 87.13. Break will confirm medium term down trend resumption.
UsdChf No change in USD/CHF's outlook. Further rise is still in favor as long as 1.1093 minor support holds. Rebound from 1.0366 might extend to 61.8% retracement of 1.2296 to 1.0366 at 1.1559. Though, upside is expected to be limited there to bring resumption of whole fall from 1.2296. Below 1.1093 will flip intraday bias back to the downside. Further break of 1.0864 will indicate that rebound from 1.0366 has completed and will bring retest of this low.
