Daily Technical Analysis by FXCC 03Jan12

Daily Technical Analysis by FXCC 03Jan12

Euro vs US Dollar We prefer a downside scenario at this phase.
Since bias is bearish in nearest term targeting (1.27945). Another move back above (1.29802) could lead us to neutral zone.
We will be looking to sell EURUSD upon any price retracement.

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R1: 1.29938| R2: 1.30422| R3: 1.30829| R4: 1.31229| R5: 1.31629
S1: 1.28876| S2: 1.28345| S3: 1.27945| S4: 1.27545| S5: 1.27145


Great Britian Pound vs US Dollar The GBPUSD still trapped in range area of (1.55585– 1.54570). A break in either direction will determine the trading bias in today`s session. Break below (1.54570) could trigger further bearish pressure targeting (1.52617), while break above (1.55585) could trigger further bullish advances testing (1.57502).
We do not see any trading opportunities on the current market condition.

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R1: 1.55714| R2: 1.56244| R3: 1.57002| R4: 1.57502| R5:1.58002
S1: 1.54304| S2: 1.53617| S3: 1.53117| S4: 1.52617| S5: 1.52117



US Dollar vs Japanise Yen We expect a bearish overall direction for today.
as far as (77.839) remains intact; targeting (76.450) then (76.150). A close above (77.839) resistance area will extend gains to (78.625).
We will try to sell USDJPY from our mentioned resistance levels.

http://farm8.staticflickr.com/7019/6...45ac84a7b9.jpg

R1: 77.311| R2: 77.638| R3: 78.025| R4: 78.325| R5: 78.625
S1: 76.450| S2: 76.150| S3: 75.850| S4: 75.550| S5: 75.250


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