Daily Technical Analysis by FXCC 02Jan12

Euro vs. US Dollar (EURUSD): We believe that possible bearishness could be seen during this trading session. Immediate resistance is at (1.30085). 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. Look for short positions for current trading session.

R1: 1.29985| R2: 1.30422| R3: 1.30829| R4: 1.31424| R5: 1.31917
S1: 1.28868| S2: 1.28129| S3: 1.27636| S4: 1.27236| S5: 1.26836

Great Britain Pound vs. US Dollar (GBPUSD): We prefer a downside scenario at this phase.
Since bias is bearish in nearest term targeting (1.52570). Another move back above (1.55814) could lead us to neutral zone. Sell on rally for today with a stop loss above (1.55814).

R1: 1.55485| R2: 1.56502| R3: 1.57002| R4: 1.57688| R5: 1.58407
S1: 1.54276| S2: 1.53617| S3: 1.52570| S4: 1.51583| S5: 1.51083

US Dollar vs. Japanese Yen USDJPY (USDJPY): We expect a bearish overall direction for today.
as far as (77.839) remains intact; targeting (76.570) then (75.686). A close above (77.839) resistance area will extend gains to (79.222). Our bias is on selling USDJPY with a stop loss above (77.839) for today.

R1: 77.454| R2: 77.868| R3: 78.338| R4: 78.922| R5: 79.222
S1: 76.570| S2: 75.686| S3: 75.386| S4: 75.086| S5: 74.786

Source: FX Central Clearing Ltd. (FXCC)