OSB Daily Technical Analysis for December 9, 2014

EURUSD sell off found support at new low of 1.2247 prior to bouncing back up above the 1.23 handle to finish the day on a positive note. Resistance at the 1.2360-1.2400. On the downside support below in the 1.2250-70 band. Some sideways consolidation likely as pair to digest recent sell-off. Upside moves constrained by strong resistance above and pure lack of strong buying interest to sustain a rally.

Bullish action for GBPUSD as it edged higher on day. Sustainable up move is unlikely as this is more of a reversal as pair comes closer to a potential bottom at the 1.55 handle. Resistance above at 1.5680-95 a break of which extends to 1.5720-40 area. On the downside support in the 1.5560-80 band.

 

Sell off for the USDJPY after hitting a new high on the day. A break below 120.00 triggers stronger correction into the 119.30-50 support level. A push above yesterdays high extends focus to the 122.50 handle. Correction more likely a case of an overbought market on a strong run. Further correction and consolidation likely. Bullish.

 

Positive day for the USDCAD which rallied into new highs and is now a breath away from the 1.15 handle. The market appears ready to make this up leg as the US$ remains strong. Any sell-offs find support in the 1.1460 area.

 

USDCHF met with selling pressure and indecisiveness on Monday. Consolidation at this level likely as pair bounces looking for further direction. Support beneath at 0.9700 handle. Resistance at 0.9780-95. A break above extends to yesterdays high.

 

The Aussie $ continued its downward slide on Monday finding support at 0.8260 making a new low. Weakness suggests the pair is ready to breakdown and go lower from here. Further support in the 0.8230-10 band. Very little upward pressure with rallies more likely to be short lived.

 

 

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