The Risk Today:

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EurUsd Constructive under immediate resistance (Piercing line on daily chart) at 1.3669 (Yesterday’s high), consolidation subsides as we head higher, we continue to aim for 1.3740 area, a break past this level would set our sights on 1.3971 within the week. The bias really is for the upside here as the retracement only managed a 38.20% counter. On the downside 1.3557 serves as initial support but real test for bearish bias comes at 1.3507.

GbpUsd dollar weakness continues to shine through as bullish channel persists. Strong double top resistance at 1.5246, decisive push past this level would set sights on 1.5456 via 1.5352 (100% move after 50% retracement). On the downside 1.5180 (50% retracement) holds as soft support for a constructive bearish reversal with a floor on today’s moves at 1.5074.

UsdJpy Yen gained against the dollar yesterday as other pairs retraced. We are currently trading particular range, with a double top head and shoulders about to confirm, initial resistance at 97.99 proves crucial, a push past would allow for 98.35 and 99.56 (50% and 100% respectively). A failure to break 98.00 with enough panache would focus morning lows of 97.14 – via 96.35.

UsdChf pair is trading a perfect mirror image to the EURUSD pair, EURCHF holding steady in 1.5080 – 1.5160 range with a bias for the downside would indicate USDCHF is set for further declines (strong recommendation for 3 graph comparison). Yesterday’s support at 1.1022 was respected in early hours, we are set to test it again, eyes on 1.0670 (for monthly forecast) via 1.0960. On the upside (while a significant move up is countered by clear rounded top culminating at 1.1109) we see resistance at 1.1133 (38.20%) then 50.00% level at 1.1167.