EUR/USD Strong Resistance 1.3112 - For December 04, 2012 (Daily Strategy) Trend News

The EUR/USD now faces the second weekly 1.3111 resistance. It is a key level and above this level of 1.3150 there is much resistance and it is very difficult to exceed this level in the short term. The euro will likely oscillate between the levels of 1.3150 to 1.2700, a very strong support. Therefore, given that the euro is near the level that we mentioned, you can make the decision to sell at the current price level and expect the pair to reach 1.3111 key level and if this level retreats below, you can sell with objectives to 1.2964, weekly pivot level.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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GBP/USD Sell Bellow Fractal 1.6135 - For December 04, 2012 (Daily Strategy) Trend News

Yesterday the British pound was a very optimistic, because the manufacturing PMI data came out better than expected. This gave great impetus for the cable, and as a result, today it faces the daily fractal at 1.6135. It is very strong because this level in previous weeks has remained under downward pressure. So now it is trading at 1.6115, we recommend selling the pair at this time, provided that below 1.6135. The stop loss will place it above 1.6160.

In the long term we remain bullish on this pair from 1.5850, above the 200 EMA. Exercising in short term is now waiting for a correction of the upward movement.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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Fundamental Analysis For December 04, 2012 Trend News

European currencies continue to show signs of strength against the dollar led by the euro and the sterling.

The single currency is close to 1.31, where a temporary brake on its upward movement in 1.3112 can be found. Meanwhile, the pound is looking 1.62, value that provides strong resistance on the short-term charts, but it has to overcome the 1.6135 fractal.

However, the Swiss franc is an exception. The Swiss National Bank announced a further increase of the cost of holding money in that country, so that the effective rate for investors becomes negative. In fact, the EUR/CHF moved away from its original 1.20 to touch 1.2142 at its highest point of the day, which can exceed value during this European session.

This gives the franc also its own life and extends the operational possibilities of foreign investors, who do not see the Swiss currency to be absolutely useful pending the euro.

On another note, the interest rate cut by the Reserve Bank of Australia influenced the Australian dollar, although it has recovered. The cut was announced several days ago and had been discounted by the markets, so that the opposite effect is coming.

In America, the main actions overcame the negative effect of a weak ISM manufacturing for November, remaining almost unchanged after that it was on Monday. This time the currency joined in the behavior of the stock and continued to punish the dollar at the beginning of the last month of the year.

Unemployment rate in Spain reached a new record high, although the number of jobs lost was smaller than expected. For now, the euro has not taken note of the report.

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Silver About To Break Lower. 33.90 Is Intermediary Resistance Trend News

Technical Outlook and Chart Setups:

A 4H chart view has been presented here. It looks like 33.90 level is poised to stay as resistance for now and as depicted on chart, the intermediary uptrend line is about to break down. Please note that 32.00 level support, (the November 15th low), remains key for the prices to continue printing higher highs. Support should be strong at 32.00, followed by 31.25 and lower; while intermediary resistance levels are 33.90; 34.30 followed by 35.00 levels higher up. It is recommended to sell either on a break of trendline or 32.00 level for now.

Trading Recommendations:

Sell on break of trendline or below 32.00. Stop is at 33.90. Target is around 29.00.

Good Luck!

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Gold Looking Vulnerable. Breakdown of 1,705/00. Levels Triggers Major Selloff Trend News

Technical Outlook and Chart Setups:

A 4H chart view has been presented here today. As depicted here, the yellow metal is facing stiff resistance around the 1,720/30 region. Slowly but gradually prices are coming lower towards 1,700 level. Please note that 1,700/05 levels remain key support for the prices to rally further up. A breakdown would suggest that 3rd wave extension is under way and that the metal is headed towards 1,630.00 level, and probability is high. Intermediary resistance is around 1,732.00 followed by 1,755.00 respectively. Looking lower for now.

Trading Recommendations:

Sell on a breakdown of 1,700.00, stop is at 1,735.00, and target is at 1,640.00. Or buy aggressively on a break higher of 1,732, stop is at 1,700, and target is open.

Good Luck!

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EurJpy Tests Resistance Around 107.50-108.00 Trend News

Technical Outlook and Chart Setups:

As depicted here, prices are more or less in the same trading range, just ahead of 108.00. Furthermore, the Fibonacci 0.786 level retracement of the entire fall from 111.00 level is passing through the same region. Immediate resistance is at 108.00 and then followed by 111.00; support begins from 105.20 followed by 104.00 and 100.50 respectively. It is recommended to sell intraday rallies through the 107.50 region. In the short term we are looking lower.

Trading Recommendations:

Hold on to short positions taken earlier. Sell intraday rallies towards 107.50. Stop is at 108.00. Target is at 104.50.

Good Luck!

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GbpChf Holding 1.4800 Level. Staying Long Is Recommended Trend News

Technical Outlook and Chart Setups:

The overall structure still remains unchanged as the single currency pair remains subdued/sideways just above 1.4800 level. Smaller timeframes have started showing a possible reversal or at least pullback towards 1.5200 in the short term. Therefore, it is recommended to stay long and buy intraday dips as close to 1.4800 level. Lower support levels are 1.4700 followed by 1.4600, while short-term resistance is at 1.5050, followed by 1.5150/60. 1.4800 remains key, looking higher for now.

Trading Recommendations:

Stay long from positions taken earlier, buy intraday dips, stop below 1.4800, and target is open.

Good Luck!

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