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EUR/USD
Extends the recent weakness from 1.3358 lower high, with break below 200-day MA, keeping the negative tone in play. Retest of 1.2968, 30 Nov low is now in focus, as upside remains capped by 1.3200. Potential loss of 1.2968 to open way for further retracement of the upleg from 1.1875/1.2717, to initially target 1.2792, 61.8% retracement of 1.1875/1.4280 ascend.
Res: 1.3179, 1.3200, 1.3225, 1.3264
Sup: 1.3072, 1.3059, 1.3049, 1.2968
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/eurusd_20101222151908.gif
GBP/USD
Accelerates downtrend from 1.5910, breaking below 1.5483, previous low; 1.5405, falling wedge support and 1.5389, 200 day MA. This suggests further weakness and brings 1.5343/1.5295 in focus. However, hourly conditions are becoming oversold and correction may precede fresh downleg, though, break above 1.5575 is needed to improve near-term tone.
Res: 1.5492, 1.5518, 1.5575, 1.5645
Sup: 1.5375, 1.5343, 1.5295, 1.5250
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/gbpusd_20101222151842.gif
USD/JPY
Remains in a narrow range, following the latest upside failure at 84.49. Immediate supports lie at 82.83/33, with break below the latter to signal fresh phase lower, while upside clearance of cluster of resistances between 84.29 and 84.49 is required to resume recovery off 80.24.
Res: 83.89, 84.19, 84.39, 84.49
Sup: 83.41, 83.16, 82.83, 82.33
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdjpy_20101222151742.gif
USD/CHF
Succession of lower highs from 1.0064 keeps near-term bears in play, with scope for full retracement of 0.9461/1.0064 recovery attempt. Market has so far tested 0.95 level, with potential break through 0.9461 to signal fresh bear phase. Only regain of 1.0064 would improve the outlook.
Res: 0.9718, 0.9732, 0.9754, 0.9795
Sup: 0.9506, 0.9461, 0.9400, 0.9350
http://mediaserver.fxstreet.com/Reports/325f5b3f-7a7d-4768-8193-afec3573778f/usdchf_20101222151703.gif
