Bias: The 90.46-62 area provides the barrier to larger gains while only below 88.12-41 will see 87.12 again

The upside edged a little further yesterday but has not yet broken through the 90.62 barrier. Once this is broken I feel the risk will be more for gradual gains to 91.30-56 at least. This is an area that could cause a pullback. Above 91.60 will maintain the upside as the more dominant force through to 92.40-68 and eventually to the 93.50-84 area. I would expect a sizeable pullback from this higher resistance. Only above 94.00 would imply much more sustainable gains.

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Please note that the next update will be on the 2nd January.

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FX-Forecaster.com

Bias: Mixed - waiting for breaks but have a mild preference for the upside

Losses were stronger than expected on Friday and have placed a question mark over the bullish preference. To bring this back into play we're going to need a break back above this morning's 126.20 high and I feel this is more likely. If seen then look for the upside to maintain momentum through 126.72 and for 127.35 at least. Take care as I feel this area may stall the move. Only break above would signal a move to 127.70 and the 128.21-57 area. Again take care. Next resistance is then found at 130.00.

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FX-Forecaster.com

Bias: While 1.2115-25 caps I still have a slight preference for losses to 1.1756

Losses developed but then bounced from just below the 1.1833 support and this has caused some doubts over the wave structure. If we are to see a further decline we shall need the 1.2115-25 resistance to cap. Given the uncertainty I feel that we should now wait for loss of 1.1979 which would generate follow-through to the 1.1923-45 area. In turn this should break for another leg lower to the 1.1856-84 support which could hold in a consolidation. Thus final confirmation of new lows comes on breach of 1.1856 to see 1.1756.

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Bias: The short term is mixed but I still see the larger risk as higher

Gains were seen as expected to the 0.7038 target but also above to 0.7078. This does tend to argue for additional gains but the wave structure is not too clear. For this to develop directly we should ideally see the 0.6980-10 area support and also a break above 0.7082. If seen it should spur price higher to 0.7141 at least and then 0.7192. Take care in this broad 0.7141-92 area as a pullback is possible before it can rise to the next target at 0.7246.

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