Risk markets are sold off sharply today as investors are lightening their positions ahead of the austerity package vote in Greece this weekend, probably on Sunday. The vote is crucial for Greece to secure the EUR 130b second bailout, in timely manner, to avoid disorderly default in March. EU head

The break of 1.3213 minor support indicates that a temporary top is formed at 1.3321 and intraday bias is turned neutral. But as long as 1.3028 support holds,, rebound from 1.2625 remains mildly in favor to continue. Above 1.332 will target 61.8% retracement of 1.4246 to 1.2625 at 1.3627. However,

USD/JPY’s rises further to as high as 77.80 in early US session as rebound from 76.02 extends. As noted before, the strength of the rise is starting to argue that USD/JPY has bottomed out at 76.02 already. But we’d still prefer to see sustained break of 78.28 resistance to confirm

Intraday bias in GBP/USD remains neutral for the moment with focus on 1.5729 support. With 1.5729 intact, there is no confirmation of topping in GBP/USD yet and rise from 1.5234 is in favor to continue. Above 1.5928 will target 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at

USD/CHF’s strong recovery and break of 0.9151 minor resistances indicates that a temporary low is in place at 0.9089. Intraday bias is turned neutral for some consolidations. But near term outlook will stay bearish as long as 0.9262 resistance hold. Another decline is still in favor and below 0.9089 will

EUR/GBP’s consolidation from 0.8221 is still in progress and stronger rebound could be seen. But still, we’d expect strong resistance from 38.2% retracement of 0.8830 to 0.8221 at 0.8454 to conclude the consolidation and bring fall resumption eventually. Below 0.8264 will flip bias back to the downside for 0.8221 low

GBP/JPY’s rebound from 117.29 resumed after brief retreat and reaches as high as 122.97 so far. Intraday bias is back on the upside and current rally is expected to target 100% projection of 117.29 to 122.04 from 119.58 at 124.33. Note that rise from 117.29 is viewed as the third

Intraday bias in EUR/JPY is still on the upside and current rebound from 97.03 is still in progress for 100% projection of 97.03 to 102.20 from 99.24 at 104.41. On the downside, below 102.13 minor support will turn bias neutral first. But near term outlook will remain cautiously bullish as long as 99.24 support holds.

Downside momentum in USD/CAD remains unconvincing with 4 hours MACD staying above signal line. But with 1.0070 resistance intact, near term outlook remains mildly bearish. Current fall is expected to continue to 0.9891 support first. Break will extend the whole decline from 1.0656 towards 100% projection of 1.0656 to 0.9891

AUD/USD’s pull back from 1.0844 extends further today and the break of 1.0701 support indicates near term topping, with bearish divergence condition in 4 hours MACD. Deeper fall might be seen back to near term rising channel (now at 1.0592). As long as this channel support holds, rise from 0.9860