EUR/USD Intraday Technical Analysis 2012-12-31	5/5

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The spot rate is currently testing the upper limit of its long-term bearish channel at 1.3280 suggesting a decline. However, a break of these levels will initiate a violent bullish channel.
Technical indicators do not provide clear signals but the rate approaches overbuy zone and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.
The spot rate is currently testing the upper limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1.3280 with the 1st objective at 1.3220 and then at 1.3200. A breakthrough of 1.3300 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 1.3280 with the 1st objective at 1.3340 and then at 1.3360. A breakthrough of 1.3260 will invalidate this scenario.

	GOLD Intraday Technical Analysis 2012-12-31	0/5

Show full picture  Gold is currently testing the intermediate resistance of its medium-term bullish channel at 1,665. It seems a decline was initiated. However, a break of these levels will free a large potential and reach the upper limit of its channel at 1,675.
Technical indicators provide sell signals and until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.
Gold is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1,665 with the 1st objective at 1,655 and then at 1,652. A breakthrough of 1,668 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy gold as soon as it is broken through its resistance of 1,665 with the 1st objective at 1,675 and then at 1,678. A breakthrough of 1,662 will invalidate this scenario.

	GBP/USD Intraday Technical Analysis 2012-12-31	0/5

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The spot rate approaches the upper limit of its medium-term bearish channel at 1.6210 suggesting a decline. However, a break of these levels will initiate a violent bullish channel.
Technical indicators do not provide clear signals but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.
The spot rate is currently testing the upper limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1.6210 with the 1st objective at 1.6150 and then at 1.6130. A breakthrough of 1.6230 will invalidate this scenario. The second scenario is a break of its resistance where we recommend a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 1.6210 with the 1st objective at 1.6270 and then at 1.6290. A breakthrough of 1.6190 will invalidate this scenario.

	EUR/USD Intraday Technical Analysis 2012-12-26	5/5

Show full picture The spot rate approaches the upper limit of its medium term bearish channel at 1.3220 suggesting a decline. However, a break of these levels will initiate a violent bullish channel.Technical indicators do not provide clear signals but approach overbuy zone and, until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.The spot rate is currently testing the upper limit of its channel, so we recommend 2 scenarios: the first one is the hypothesis of a decline, then we recommend to sell at the level of 1.3220 with the 1st objective at 1.3280 and then at 1.3300. A break through 1.3200 will invalidate this scenario. The second scenario is a break of its resistance, then we recommend a “buy stop”, which means to buy the spot rate as soon as it breaks through its resistance of 1.3220 with the 1st objective at 1.3280 and then at 1.3300. A break through 1.3200 will invalidate this scenario.

	GBP/USD Intraday Technical Analysis 2012-12-26	5/5

Show full picture The spot rate is currently testing the upper limit of its long-term bearish channel at 1.6150 suggesting a decline. However, a break of these levels will initiate a violent bullish channel.Technical indicators provide sell signals and, until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.The spot rate is currently testing the upper limit of its channel, so we recommend 2 scenarios: the first one is the hypothesis of a decline, then we recommend to sell at the level of 1.6150 with the 1st objective at 1.6090 and then at 1.6070. A break through 1.6170 will invalidate this scenario. The second scenario is a break of its resistance, then we recommend a “buy stop”, which means to buy at the spot rate as soon as it has broken through its resistance of 1.6150 with the 1st objective at 1.6210 and then at 1.6230. A break through 1.6130 will invalidate this scenario.

	USD/JPY : Supported by a Rising Trend Line 2012-12-26	5/5

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USD/JPY is to consolidate with bullish bias after hitting 20-month high of 84.96 Tuesday. Liquidity is thin as the markets in several countries are shut for post-Christmas holiday. USD/JPY is underpinned by negative JPY sentiment as Shinzo Abe, who is set to be formally elected prime minister today, warned the Bank of Japan to set a 2% target for price inflation at its January policy-board meeting or his administration would force the central bank into a policy accord through a revision of the law. USD/JPY is also supported by demand from Japan importers and investment trusts. But USD/JPY gains tempered by Japan exporter sales and worries that Washington lawmakers may be unable to avert the fiscal cliff of automatic spending cuts and tax increases due to kick in next year. Preference: long positions above 84.85 with targets @ 85.7 & 86 in extension.
Resistance Levels:
R1 - 85.7
R2 - 86
R3 - 86.2
Alternative scenario:
Below 84.85 look for further downside with 84.65 & 84.4 as targets.
Support Levels:
S1 - 84.60 (Tuesday's low)
S2 - 84.4
S3 - 84.27 (Monday's low)  
Technical Comment:
The immediate trend remains up and the momentum is strong. USD/JPY daily chart is positive-biased as MACD bullish, stochastics stays elevated at overbought, 5- & 15-day moving averages are rising.

USD/CHF: Support around 0.912 2012-12-26	5/5

Show full picture Overview:
USD/CHF trade with risks skewed higher. Swiss markets are shut for holiday today. USD/CHF is supported by contagion from weak EUR on CHF; broadly stronger demand for safe-haven USD as investor risk appetite stays subdued amid U.S. fiscal cliff fears. But USD/CHF gains tempered by franc demand on buoyant CHF/JPY cross. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold. 
Preference:
Buy above 0.912 with targets 0.918 and 0.9195 in extension.
Resistance Levels:
R1 - 0.9170-0.9179 band (Monday's high-Friday's high)
R2 - 0.9186-0.9194 band (Dec.18 high - Dec.17 high)
R3 - 0.9247 (Dec.14 high) 
Alternative scenario:
Sell below 0.912. Below 0.912 look for further downside with 0.908 and 0.905 as targets.
Support Levels:
S1 - 0.9080 (Thursday's seven-and-a-half month low)
S2 - 0.905
S3 - 0.9039 (May 1 low)  
Technical Comment:
The RSI has just landed on a support around 30% and is reversing up. Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold. 

	GOLD Intraday Technical Analysis 2012-12-26	5/5

Show full picture Gold approaches the intermediate resistance of its medium term bearish channel at 1,663 and seems to initiate a decline. However, a break of these levels will free a large potential to reach the upper limit of its channel at 1,684.Technical indicators provide buy signals but, until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have stabilized showing a more regular volatility.Gold approaches the intermediate resistance of its channel, so we recommend 2 scenarios: the first one is the hypothesis of a decline, then we recommend to sell on the level of 1,663 with the 1st objective at 1,653 and then at 1,650. A break through 1,666 will invalidate this scenario. The second scenario is a break of its resistance, then we recommend a “buy stop”, which means to buy at the spot rate as soon as it breaks through its resistance of 1,663 with the 1st objective at 1,673 and then at 1,675. A break through 1,660 will invalidate this scenario.