OSB Daily Technical Analysis for December 1, 2014

Market finding the 1.25 handle too resistive suggesting weakness and lack of bullish momentum. A clean close above needed for the pair to have any hope of seeing any buying interest in size. Support in the 1.2440-50 band continues to hold for now and we would expect this to hold for the balance of the day. A break below 1.24 opens down leg to recent lows in the 1.2360 region.

GBPUSD sold off on Friday approaching recent lows. Pair is currently very bearish with a break below 1.56 a question of time. Support below at 1.5590-70. A clean break below likely to see the pair collapse into the 1.55 handle. US$ strength likely to continue dominating action in this pair driving price lower. Sell only market for now.

USDJPY rally continues to push higher as pair edges closer the big round 120 handle and flirts with seven year highs as the BoJ continues to keep a loose monetary policy. The strong uptrend remains on course with corrections being met by strong buying interest. Upside resistance in the 119.10-30 band.

USDCAD rallied on Friday flirting with recent highs. The market looks ready to bounce from here supported by the US$ strength. Clearing resistance in the 1.1440-60 area extends to 1.15 handle which is looking very likely. Support below in the 1.1340-60 area.

USDCHF hovering above the 20 DMA as it put in a mixed session on Friday trying to gather some upside momentum to challenge resistance in the 0.9680-0.9700 area. A break below Fridays low and support in the 0.9620 area extends down leg into the 0.9590 area.

Revisit of monthly lows for the AUDUSD which continues to be plagued by weakness and a strong bias to the downside. A break below the 0.8480 support area opens the pair to losses that likely extend to the 0.8250 handle in the mid-term.

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