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Technical Analysis (2014-12-23)

EUR/USD
Previous Day Range High: 1.2273 Low: 1.2217 Close: 1.2226
Technical Chart Resistance
R-2:1.2294
R-1:1.2260






Support
S-1:1.2204
S-2:1.2183



Forecast
High:1.2260
Low:1.2204









Intraday bias in EUR/USD remains on the downside for the moment. Current fall from 1.3993 is expected to extend to next key support level at 1.2042 key support level next. On the upside, above 1.2301 minor resistance will turn bias neutral and bring consolidations. But near term outlook will stay bearish as long as 1.2569 resistance holds in case of recovery.

USD/JPY
Previous Day Range High: 120.09 Low: 119.32 Close: 120.06
Technical Chart Resistance
R-2:120.59
R-1:120.33








Support
S-1:119.56
S-2:119.05




Forecast
High:120.33
Low:119.56









Intraday bias in USD/JPY remains mildly on the upside for the moment. Pull back from 121.84 should have completed at 115.55, ahead of 38.2% retracement of 105.19 to 121.84 at 115.47. Rebound from there would extend to retest 121.84 high. But break there is needed to confirm rally resumption. Otherwise, we'd expect more corrective trading in near term first. At this point, we'd still expect strong support from 38.2% retracement of 105.19 to 121.84 at 115.47 to contain downside as the consolidation extends. However, sustained break of 115.47 will pave the way to 61.8% retracement at 111.55.
GBP/USD
Previous Day Range High: 1.5665 Low: 1.5574 Close: 1.5584
Technical Chart Resistance
R-2:1.5699
R-1:1.5641






Support
S-1:1.5550
S-2:1.5517




Forecast
High:1.5641
Low:1.5550





Initial bias in GBP/USD remains neutral for some more consolidations. On the downside, break of 1.5540 will confirm resumption of whole decline from 1.7190 and will target 100% projection of 1.7190 to 1.6051 from 1.6523 at 1.5384. However, break of 1.5825 will be an early sign of medium term bottoming and would bring stronger rebound back to 1.6051 support turned resistance.
USD/CHF
Previous Day Range High: 0.9850 Low: 0.9805 Close: 0.9842
Technical Chart Resistance
R-2:0.9876
R-1:0.9859







Support
S-1:0.9815
S-2:0.9788




Forecast
High:0.9859
Low:0.9815







Intraday bias in USD/CHF remains on the upside for the moment. Current rise from 0.8698 should extend to retest 0.9971 key resistance level. On the downside, below 0.9721 minor support will turn bias neutral and bring consolidations. But another rally will remain in favor as long as 0.9553 support holds.
AUD/USD
Previous Day Range High: 0.8173 Low: 0.8128 Close: 0.8128
Technical Chart Resistance
R-2:0.8188
R-1:0.8158










Support
S-1:0.8113
S-2:0.8098




Forecast
High:0.8158
Low:0.8113





Whilst global stocks have rallied off the back of renewed investor confidence which surrounds the health of the world’s largest economy the Australian dollar by contrast has struggled over the past three days of trade weighed down by heightened rate forecasts across the United States. Having traded in a tight range of 0.8130 – 0.8172 over the past 24 hours when valued against its US Counterpart investors are now eyeing resistance at 0.8315 (July 2010 low), followed by support at 0.8107. In what’s shaping up as a quiet day ahead an empty domestic calendar should see liquidity levels remain low as we head into the Christmas break. Meanwhile this morning the Australian dollar buys 81.36 US Cents

We expect a range today of 0.8110 – 0.8170
USD/CAD
Previous Day Range High: 1.1646 Low: 1.1579 Close: 1.1634
Technical Chart Resistance
R-2:1.1687
R-1:1.1661






Support
S-1:1.1593
S-2:1.1552




Forecast
High:1.1661
Low:1.1593





The Loonie continues to trade in last week’s range, with no significant data for North America the focus will remain on oil prices and end of year positioning. The CFTC data showed the bullish sentiment for the USD is softening as the longs held against all majors narrowed through the week. Saudi Arabian Oil Minister confirmed they will not budge on oil production and called out non OPEC members to cut if they feel the need. His comments continued on to settle markets as he highlighted that a lower oil price will help the global economy to recover and in time increase demand for oil.

We expect a range today of 1.1560 to 1.1650