Daily Forex Preview for December 22, 2015

December 22, 2015

Daily Forex Preview – 22/12

EURUSD Daily Pivots

R3

1.1044

R2

1.0991

R1

1.0953

Pivot

1.0900

S1

1.0862

S2

1.0808

S3

1.0770

EURUSD (1.09): The head and shoulders pattern noted yesterday has seen price rally to 1.0932 level which should now be likely to be tested for resistance. A successful cap on prices here could see EURUSD decline back to previous support near 1.0815 region and a  break below this level could expose the previous pending support near 1.063 -1.065 region. On the daily chart, price are in the process of forming a minor head and shoulders pattern which has evolved since the left shoulder was formed in early December this year. As long as 1.093 holds and no new highs are formed, the break of 1.0825 neckline could see a dip down to 1.064 levels.

USDJPY Daily Pivots

R3

122.178

R2

121.842

R1

121.515

Pivot

121.179

S1

120.851

S2

120.516

S3

120.192

USDJPY (121.2): USDJPY has formed a doji candlestick pattern on the daily chart yesterday and we can anticipate a short term move to the upside towards the previous support formed near 122.545 region. On the 4-hour chart, resistance is seen at 121.4 which needs to be taken out in order to target 122.545. Above this level, there is scope for a strong rally to 122.4 - 122.6 level of resistance, which could come in as a strong level of note. A close above 122.4 - 122.6 could however invalidate the short side bias and turn bullish for the USDJPY.

GBPUSD Daily Pivots

R3

1.4967

R2

1.4948

R1

1.4916

Pivot

1.4896

S1

1.4864

S2

1.4845

S3

1.4811

GBPUSD (1.48): GBPUSD continues to decline but the momentum shows signs of exhaustion which could see a short term correction to the upside. With prices breaking out of the median line, GBPUSD could be testing the previously broken support at 1.494 - 1.496 for resistance with scope for a test back to 1.50. Above 1.50, there is room for a strong rally towards 1.51 level but for this, GBPUSD will need to dip back to retest the previous support/resistance level at 1.496 - 1.494. The 4-hour chart time frame's Stochastics oscillator points a correction which could keep prices ranging between the current lows at 1.488 - 1.50 in the near term.

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