Daily Technical Analysis by FXCC 20Dec11

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Daily Technical Analysis by FXCC 20Dec11


Euro vs US Dollar We see better value in short positions.
If the price will go below the first support at (1.29473), this would confirm continuation of the bearish trend, towards next objective downwards (1.28864) then (1.28464) and (1.28064) will follow.
Shorting EURUSD is advisable for today.



R1: 1.30436| R2: 1.30841| R3: 1.31300| R4: 1.32367| R5: 1.32767
S1: 1.29473| S2: 1.28864| S3: 1.28464| S4: 1.28064| S5: 1.27664



Great Britian Pound vs US Dollar GBPUSD maintains a bid tone for now.
Break above (1.55548) may trigger further recovery of the GBPUSD. Going bellow latest swing low at (1.54225), however, would confirm continuation of the bearish trend, towards next objective downwards (1.52426).
Our bias is on selling GBPUSD with a stop loss above (1.55548) for today.



R1: 1.55574| R2: 1.56197| R3: 1.56996| R4: 1.57496| R5: 1.57996
S1: 1.54225| S2: 1.53426| S3: 1.52926| S4: 1.52426| S5: 1.51926



US Dollar vs Japanise Yen We see high chances of the pair move in a range between (78.269 – 77.516). A proper move above (78.269) confirms a probable rally towards (79.477). However, if USDJPY manage to close below (77.516) will support a call for bid tone.
A hold for a clearer technical outlook is advisable.



R1: 78.425| R2: 78.877| R3: 79.177| R4:79.477| R5: 79.777
S1: 77.642| S2:77.326| S3: 77.026| S4: 76.726| S5: 76.426



Source: FX Central Clearing Ltd. (FXCC)
Technical Analysis