Technical Analysis
GBP/USD Technical Analysis
(1,6010) The CABLE confirmed a weak closing last night below the low of the negative day reversal it formed on Tuesday.
EUR/JPY Technical Analysis
(115,03) The EUR/JPY failed as well to confirm further weakness forming instead a positive day reversal. A daily closing tonight above 115,10 will confirm higher levels.
GBP/JPY Technical Analysis
(141,15) The GBP/JPY failed to extend further its decline for now confirming instead a positive day reversal. A daily closing tonight above 141,05 could already support higher levels.
USD/JPY Technical Analysis
(88,15) The USD/YEN formed a positive outside day with now 88,15 – 86,70 the levels to follow in the coming hours.
EUR/USD Technical Analysis
(1,3044) The EUR/DOLL confirmed a negative closing but it missed a weak one to confirm negative day reversal. Nevertheless we should be able to see a test of the support line at 1,2970.
USD/CHF Technical Analysis
(0,9265) The USD/CHF confirmed a positive closing but miss the strong one failing therefore to confirm the positive day reversal.
EUR/CHF Technical Analysis
(1,2087) The EUR/CHF is confirming further consolidation interior the inside day with 1,2120 – 1,2060 still the levels to follow in the coming hours.
Asian Currencies Technicals
AUD/USD: Dec Monthly Highs Now Targeted. The AUD/USD managed minor fresh highs for the month/year and now has the Dec 12 monthly highs in its sights with a close back below yesterday’s low ($1.0488)
FX Daily Crosses
Today’s highlights: – EURGBP: Advance continues with the focus remaining on .8228 resistance high and then extension risk to our target 38.2% retracement at .8263.
FX Daily Majors
Today’s highlights: – EURUSD: Risk of a correction back towards 1.2998/85 growing, but whilst above here the bias remains higher for a return to 1.3300/09 initially.
Daily FX Technical Strategy – Euro fire-sale risk
The euro is under intense selling pressure at the start of the New Year and we are not convinced that the move is over, despite the markets unwinding oversold conditions in the last few days.
Global Technical Watch – EM hurdles
EM currencies that have strengthened recently, such as the MXN, TRY, and KRW, are facing near-term hurdles. The risk is for a temporary pause, given that these levels are unlikely to be overcome without a near term struggle.