The Risk Today - Oct 22

EurUsd Market tested 1.3002 low yesterday. On the downside, further weakness will open the way down to 1.2878 January 2007 low. Strong resistance holds 1.2490 Trendline support. Initial support holds 1.2740 this morning low. On the upside, only a return over 1.4000 (former trendline support) and 1.5000 will release actual pressure and may put key initial resistance 1.6000 into focus. Resistance holds 1.4002 former trendline support. Initial resistance holds 1.3769 Tuesday high.

GbpUsd Market dropped 3.68% yesterday at 1.6513. This break of the low triangle pattern (1.7000) did open the way through 1.6568 November 2003 low and 61.8% retracement of 1.36822.1161 advances. Initial support hold 1.5471 August 2003 low. Following supports are 1.4560 trendline and 1.3682 March 2001 low. On the upside, strong resistance holds 1.7631 last weeks high ahead of 1.8304 former support.

UsdJpy Downtrend started in September is still valid having hit 97.91 on Friday 10th October and last week 103.07 rebound which marks initial resistance. On the further upside, recovery over 105 pivot point will put focus again on 108 and 110.67 15th August high. On the downside, renewed pressure may open the way to 95.75 17th March low. Current downtrend will stand below 103 upper trendline resistance.

UsdChf Market posted new high 1.1694 this morning. Further advance may open the way to 1.1895 October 2007 high and strong resistance. On the downside, only weakness below 1.0692, 22nd September low, would undermine the current uptrend and reverse down to 1.0500 and 1.0375. Such a move may look for 1.0013 15th July low in front of 0.9637 17th March low. Initial support holds 1.1246 last week low.