December 12, 2011
Current level - 1.3271
The pair is in a broad consolidation pattern below 1.4580 resistance area and current sell-off from 1.4550 is expected to be the final slide to complete that pattern. Technical indicators on the larger frames are neutral and trading is situated between the 50 and 200 daily SMAs, currently projected at 1.4301 and 1.4020.
While trading takes place above 1.3211 low I will continue to favor the upside for a test of 1.3550 high. The intraday bias however is negative, with an initial resistance projected at 1.3335.
USD/JPY:
December 12, 2011
Current level - 77.70
The overall downtrend continues to be intact, aiming at new historical lows below 75.95. Technical indicators are still descending and crucial resistance on the daily frame is 80.20.
The bias here remains bullish for 78.60 with an initial support at 77.68 and crucial level at 77.47.
GBP/USD:
December 12 , 2011
Current level - 1.5553
The pair is in a downtrend from 1.6616 high. Technical indicators are descending and trading is situated below the 50- and 200-day SMA, currently projected at 1.6209 and 1.6098.
Friday's attempt for breaking beyond 1.5780 range boundary failed and current intraday bias is negative below 1.5625 minor resistance. I favor a reversal for a rise through 1.5625, towards 1.5780 and 1.5880 major resistance area.