The following are the intraday outlooks for EUR/USD, EUR/GBP, EUR/CHF, and USD/JPY as provided by the technical strategy team at SEB Group.
EUR/USD: Waiting game for ECB tomorrow. The market is tied up pondering over resistance above, now at 1.1400 and supports below 1.1300/1.260 and until one of those are cleared there is little reason for a near-term directional view (the broader picture however remains negative following the bearish added Thu last week.
EUR/GBP: Turning the tide (from down to up). The correctional move lower seems to have ended on top of the (Fibo-adjusted) ‘Cloud’ and at a late Sep 0.7305 reaction low. Progress back through is needed but also expected through resistance, now at 0.7400/25 to get the recent 0.7943 high back into sight. GBP/USD has shown hesitation over 1.55 that is true, but sellers initiative under 1.5400 and later also support pockets at 1.5365/05 would be of great help.
EUR/CHF: Buyers’ response noted...Buyers have responded well to downside attempts of late and they also show some near-term initiative, but it has to last through resistance in the 1.0862/1.0923-zone. And only a clear break through 1.0950 and later also 1.0985 can fully confirm a short-term correctional low in place.
USD/JPY: Higher within the range. Following the recent false downside break the market is, as the textbook suggests, making way north. There’s a strong tendency for markets, after failing at one side to test the opposite one i.e. in this case upside. Look for near-term further gains towards the upper boundary of the past month triangle formation, 121-ish.
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