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Wednesday, December 22, 2010
Dec-22 Daily Forex Forecast and Trend Analysis

EURUSD Forecast
The EURUSD attempted to push higher yesterday, topped at 1.3201 but whipsawed to the downside, bottomed at 1.3073, closed at 1.3090 and corrected a little bit higher hit 1.3142 earlier today in Asian session. Overall we are still in downside bias, but as you can see on my h4 chart below, the trend line support still hold so far. We need a clear break below the trend line support and 1.3060 support area to continue the bearish scenario targeting 1.2968 – 1.2920 this week. Immediate resistance at 1.3170 followed by 1.3250.


GBPUSD Forecast
The GBPUSD continued its bearish pressure yesterday, slipped below the triangle as you can see on my h4 chart below. The bias is bearish in nearest term testing 1.5400 support area, which could be an important support at this phase along with a trend line support on daily chart. Immediate resistance remains around 1.5580. Break above that area could trigger further upside pullback testing 1.5650 but overall the scenario remains to the downside.


USDJPY Forecast
The USDJPY was indecisive and didn’t make significant movement yesterday, made a Doji on daily chart. There are no changes in my daily technical view and I will keep stand aside for now. The bias is neutral both in nearest and medium term. Immediate support at the trend line support and 83.50. Clear break below that area could trigger further bearish pressure testing 83.10 and 82.80. Immediate resistance remains around 84.40 which need to be broken to the upside in order to see further bullish pressure testing 85.00/20 region.


USDCHF Forecast
The USDCHF continued its bearish pressure yesterday, bottomed at 0.9562 and closed at 0.9579. The bias remains bearish in nearest term especially if price able to make a clear break below 0.9550 support area (triple bottom) targeting 0.9461. Immediate resistance at 0.9600. Break above that area could lead us to neutral zone in nearest term, but may give us an early signal of potential bullish pullback based on the triple bottom formation testing 0.9700 region.


EURJPY Forecast
The EURJPY was volatile but indecisive yesterday. There are no changes in my daily technical outlook. The bias remains neutral in nearest term. Overall we are still in the rising wedge bearish scenario but would need a clear break below 109.50 to continue the bearish pressure targeting 108.33. Immediate resistance at 110.70 followed by 111.60/90.


GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, slipped below 129.33 but unable to stay below that area so far. The bias is neutral in nearest term. Overall we are still in strong bearish scenario of the double top formation but need a clear break below 129.33 to continue the bearish pressure testing 127.00 – 126.50 this week. Immediate resistance at 130.27 followed by 130.84.


AUDUSD Forecast
The AUDUSD continued its bullish intra-day bias yesterday, but still moves below 1.0000/27 resistance, which need to be clearly broken to the upside to continue the bullish scenario testing 1.0070/90 in nearest term before re-testing all time high at 1.0182. Immediate support remains around 0.9900. Break below that area could trigger further bearish pressure testing the trend line support which would give the rising wedge bearish reversal scenario another chance.

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