Daily Technical Analysis by FXCC 16Dec11

Daily Technical Analysis by FXCC 16Dec11

Euro vs US Dollar We believe that possible bearishness could be seen during this trading session.
Immediate resistance is at (1.32467). Close above that area could lead us to neutral zone as direction would become unclear, but as long as price moves below that level the major scenario remains bearish.
You may try to sell from (1.30578), (1.31003), and (1.31508) with a stop loss above (1.32467).

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R1: 1.30578| R2: 1.31003| R3: 1.31508| R4: 1.31933| R5: 1.32367
S1: 1.29648| S2: 1.29143| S3: 1.28718| S4: 1.28213| S5: 1.27813



Great Britian Pound vs US Dollar The bias remains neutral in nearest term. A need for a clear break from the range area (1.56397 – 1.53983) so we can see clearer direction. Break below (1.53983) could trigger further bearish pressure targeting (1.52491) and keep the major bearish scenario remains strong while break above (1.56397) could trigger further bullish correction testing (1.57348).
We need to keep a closer look on how prices would behave on today`s trading session.

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R1: 1.55724| R2: 1.56297| R3: 1.56839| R4: 1.57348| R5: 1.57848
S1: 1.54533| S2: 1.53953| S3: 1.52991| S4: 1.52491| S5: 1.51991



US Dollar vs Japanise Yen We see high chances of the pair move in a range between (78.259 – 77.635). A proper move above (78.259) confirms a probable rally towards (79.188). However, if USDJPY manage to close below (77.635) will support a call for bid tone.
We need to hold for today.

http://farm8.staticflickr.com/7166/6...295f6d997c.jpg

R1: 78.159| R2: 78.483| R3: 78.888| R4: 79.188| R5: 79.488
S1: 77.502| S2:77.128| S3: 76.828| S4: 76.528| S5: 76.228



Source: FX Central Clearing Ltd. (FXCC)
http://www.fxcc.com/tech-analysis