EurUsd EURUSD indicators remain decidedly bearish despite the recent wave of short covering. Initial support stands at 1.2760 (intraday low), 1.2600 (76.4% Fibo retracement) then 1.2588 (24th Aug low). On the topside minor resistance is located at 1.2797 (intraday high), 1.2813 (6th Jan high), 1.2947 (5th Jan high), 1.3078 (28th Dec high), 1.3237 (13th Dec high), 1.3456 (8th Dec high).
GbpUsd With EUR pricing driving FX, GBPUSD has been dragged down. Next level of demand will come into play at 1.5449 (intraday low), 1.5361 (29th Dec low), 1.5333 (23rd Sept low), then 1.5272 (6th Oct low). Resistance should kick-in at 1.5526 (6th Jan high), 1.5692 (28th Dec high), 1.5780 (30th Nov high), 1.5805 (21st Nov high), then 1.5880 (61.8% Fibo retracement).
UsdJpy USDJPY failed to see much follow through after strong US data prior week. Initial critical support will come into play at 76.11 (22nd Sept high), then 75.35 (31st Oct low). Resistance can be seen at 77.20 (daily cloud cover), 78.04 (28th Dec high), 78.29 (30th Nov high), 79.53 (31st Oct intervention high), 80.24 (prior intervention high) then 81.48 (8th July high). Given EURJPY safely below 100, a long USDJPY position might still be interesting.
UsdChf Not much reaction to Hildebrand resignation in the CHF. USDCHF remains bullish in our view supported by Friday break of 0.9538 (horizontal resistance) and resuming it bullish trend seen since Oct 27th. Next resistance is located at 0.9500 (intraday high) 0.9782 (11 Jan high) then 0.9842 (10th Dec high), then 0.9951 (61.8 Fibo retracement). Next support region is located 0.9342 (30th Dec low), 0.9321 (28th Dec low), 0.9244 (21st Dec low) then 0.9132 (65d MA). |
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