EUR/USD
The likely break below the 1.3430/95 support zone should call for an extension of the downtrend initiated at 1.4945 in early May to the January low of 1.2860, with steps at 1.3245 and 1.2995.
EUR/JPY
The expected break below the 103.90 support level should call for an extension of the MT downtrend to the June 2001 low of 99.85, with the lower end of the tentative declining channel, which comes at 102.15 today, as the main step.
USD/JPY
The expected break below the mid-August low of 75.95, which is in sight, should call for an extension of the MT downtrend to at least the lower end of the tentative declining channel, which comes at 73.35 this week (-0.30/week).
GBP/USD
The 1.5780 pullback area should contain any move above the upper end of the ST declining channel, which comes at 1.5765 today, and force the GBP/USD to move lower towards 1.5295/1.5345.
USD/CAD
We should see a further rise to last week’s high of 1.0025 before the USD/CAD heads south again towards the 0.9720/25 support zone.
Societe Generale
Research & Analytics