Daily Technical Analysis by FXCC 06Jan12

Major currency pair and Commodity currency pair analysis
The euro fell 0.6 percent to 98.68 yen at approx. 3 p.m. New York time, after reaching 98.48 yen earlier, once again pushing back lows not seen since December 2000. It dropped 1.2 percent to $1.2788, tumbling below $1.28 for the first time since Sept. 13, 2010, and touching $1.2777. The dollar appreciated 0.6 percent to 77.17 yen. The pound rose to its highest level versus the euro since September 2010, reaching 82.52 pence before trading at 82.59 pence, up 0.3 percent. It depreciated 0.9 percent to $1.5488. The pound also rose against the Swiss franc and the Danish krone. GBP/JPY didn't hold above 120.00 during Wednesday trading. The Pound peaked during the European morning session at 119.92 but then fell to 119.16, daily low. The 119.15/20 area appears to be support holding after several tests. USD/CHF touched a fresh 3-week high of 0.9530 continuing to threaten the resistance area.
The Canadian currency, the loonie, depreciated 0.7 percent to C$1.0198 per U.S. dollar at 5 p.m. Toronto time. One Canadian dollar currently buys 98.06 U.S. cents. It touched$1.0226, this was the weakest level since Dec. 29. The loonie dropped by 0.2 percent to 75.61 yen on Thursday after earlier falling 0.5 percent. It dropped on Oct. 4Th to 72.16 yen, the lowest level since February 2009. The Aussie weakened 1 percent to $1.0262, and New Zealand’s dollar dropped 0.9 percent to 78.10 U.S. cents.

EURUSD 1.27808 / 1.27812
High: 1.27991 | Low: 1.27633 | Chg: -0.001 -0.08%
MA10: Bearish
MA20: Bearish

Resistance Levels: 1.3067 | 1.3031 | 1.2998 | 1.2909
Support Levels: 1.2730 | 1.2703 | 1.2676 | 1.2645

Intraday Analysis: EURSD fell sharply in yesterday’s session and successfully broke below the recommended support levels taking away 53+ pips on the first support and 100+ pips in the second support level. After a sharp decline the price is now moving around the 1.2770 and is heading towards the return line 1.2645 of the downtrend trend line. A strong resistance for the bearish is at 1.2909 (S1). Look for a short position below 1.2909 (S1) with a stop loss at 1.2998 (S2).

GBPUSD 1.54974 / 1.54984
High: 1.55074 | Low: 1.54759 | Chg: 0.0003 0.02%
SUMMARY: Neutral
MA10: Neutral
MA20: Neutral

Resistance Levels: 1.5709 | 1.5669 | 1.5577 | 1.5512
Support Levels: 1.5465 | 1.5411 | 1.5383 | 1.5347

Intraday Analysis: GBPUSD fell and formed a low at 1.5465 (S1) a strong support level with the combination of the downward move, took away 43+ pips of profit. Now the pair found a strong support at that level and is moving upwards towards 1.5512 (R1). A break above that level, will confirm long positions towards 1.5577 (R2). On the other hand if the pair fails to break above that level then we expect the target to be at 1.5411 (S2).

USDJPY 77.147 / 77.151
High: 77.259 | Low: 77.067 | Chg: 0.042 0.05%
SUMMARY: Neutral
MA10: Bullish
MA20: Bullish

Resistance Levels: 78.98 | 78.67 | 78.16 | 77.55
Support Levels: 76.60 | 76.03 | 75.68 | 75.31

Intraday Analysis: USDJPY after a consolidation, rise relatively sharply towards our resistance levels giving us a profit of 43 pips. Now it seems that the price is rising again towards 77.55 (R1) a strong resistance level in technical and psychological way. A break above that level we are suggesting the target to be at 78.16 (R1) and then 78.67 (R3). On the other hand if the price retest that resistance level and bounces back then we expect the price to decline towards 76.60 (S1) and then 76.03 (S2). We do not suggest any position with today's trading session until we get a clearer direction of the price.

Source: FX Central Clearing Ltd. (FXCC)