Elliott wave analysis of EUR/NZD for January 7, 2015 Market Analysis Review

Technical summary:

We have never been as close to resistance at 1.5532 as yesterday. Then the high became 1.5470 before the next sell-off took place. We have almost tested the 1.5205 target (1.5253 has been the low till now), but we expect resistance near 1.5353 for the next decline towards 1.5205. If this support is broken clearly to the downside, the next downside target will be 1.5066. In the longer term, we look for a move close to the August 2012 low at 1.4966.

Trading recommendation:

We are short EUR from 1.5620 and will move our stop lower to 1.5400. As we are getting close to a temporary bottom, more caution is needed, but a quick short near 1.5353 with a stop at 1.5400 and take profit at 1.5215 could still work.

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Elliott wave analysis of EUR/JPY for January 7, 2015 Market Analysis Review

Technical summary:

Wave C extended lower than expected and is currently close to the 61.8% corrective target. In the short term, we think that we will see a minor setback towards 142.24 before the final decline towards 140.12 and maybe even lower to 138.72 before correction from 149.78 is finally is over. A new rally to above 149.78 should be expected as well.

Trading recommendation:

Our stop at 141.50 was hit for a small loss. We will look for a new EUR buying opportunity near 140.12.

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Daily analysis of USDX for January 07, 2015 Market Analysis Review

On the daily chart, the USDX continues to strengthen above the support level of 90.40. But today, we can see that this instrument could enter a phase of consolidation, so it is likely that the USDX will fall to the support level of 90.40 in the medium term to form a higher high pattern and gain momentum until the resistance level of 93.44.

Daily chart's resistance levels: 93.44 / 96.59

Daily chart's support levels: 90.40 / 88.63

It seems that the USDX has managed to get out of the range set between the levels of 91.66 and 91.24. Now, this instrument could start to form a bullish pattern to reach the resistance level of 92.08. If the USDX manages to make a breakout at that level, it would be expected to rise to the level of 92.51 in the short term. The MACD indicator remains in positive territory.

H1 chart's resistance levels: 92.08 / 92.51

H1 chart's support levels: 91.66 / 91.24

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 92.08, take profit is at 92.51, and stop loss is at 91.66.

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Technical analysis of USD/JPY for January 07, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to consolidate with bearish bias after hitting three-week low 118.05 on Tuesday. It is undermined by the selling of yen crosses amid decreased risk appetite (VIX fear gauge rose 6.02% to 21.12, S&P 500 closed 0.89% lower at 2,002.61 overnight) as lingering eurozone worries, continued fall in oil prices to fresh five-and-a-half year lows and bigger-than-expected drop in U.S. ISM non-manufacturing PMI to 56.2 in December from 59.3 in November (versus forecast 58.0) stoked concerns over the global growth outlook. USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 1.949% versus 2.037% late Monday) and Japan exporter sales. But USD/JPY losses are tempered by the demand from Japan importers and Bank of Japan's large-scale monetary easing policy, broadly firmer dollar undertone (ICE spot dollar index hit nine-year high 91.808 Tuesday, last at 91.73 versus 91.36 early Tuesday) and smaller-than-expected 0.7% drop in U.S. November factory orders (versus forecast -0.8%).

Technical comment:
Daily chart is negative-biased as MACD and slow stochastic indicators bearish, five-day moving average is staged bearish crossover against 15-day moving average.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 118.5. A break of this target will move the pair further downward to 118. The pivot point stands at 119.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 119.95 and the second target at 120.3.

Resistance levels:

119.95

120.3

120.75



Support levels:

118.5

118

117.75

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Technical analysis of NZD/USD for January 07, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with bullish bias after hitting three-day high 0.7809 on Tuesday. NZD sentiment is boosted by a 3.6% rise in Fonterra's GDT Price Index at latest GlobalDairyTrade auction. NZD/USD is also supported by the kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But NZD/USD gains are tempered by the broadly firmer dollar undertone and kiwi sales on soft NZD/JPY cross amid subdued investor risk appetite.

Technical comment:
Daily chart is mixed as five-day moving average is falling below 15-day moving average, but slow stochastic indicator is turning bullish.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7815 and the second target at 0.7850. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 0.7675. A break of this target would push the pair further downward and one may expect the second target at 0.7650. The pivot point is at 0.77.

Resistance levels:

0.7820

0.7850

0.7875



Support levels:

0.7675

0.7650

0.7615

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Technical analysis of GBP/JPY for January 07, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. GBP/JPY is undermined by the weak GBP sentiment, increased investor risk aversion and Japan exportsales. But GBP/JPY losses are tempered by the demand from Japan importers.

Technical comment:
Daily chart is negative-biased as MACD and slow stochastic indicators bearish, although latter at oversold levels; five- and 15-day moving averages declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 178.45. A break of this target will move the pair further downward to 177.10. The pivot point stands at 181.70. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 183.65 and the second target at 185.

Resistance levels:

183

185

185.70

Support levels:

178.45

177.10

176.65

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Technical analysis of USD/JPY for January 07, 2015 Market Analysis Review

In Asia, Japan will not release any economic data but the US will unveil its Crude Oil Inventories, Trade Balance, ADP Non-Farm Employment Change, and FOMC Meeting Minutes.

So there is a big probability USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

Today's technical levels:

Resistance. 3: 119.67.

Resistance. 2: 119.44.

Resistance. 1: 119.21.

Support. 1: 118.92.

Support. 2: 118.69.

Support. 3: 118.45.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of EUR/USD for January 07, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Italian Prelim CPI m/m, Unemployment Rate, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Retail PMI, Italian Monthly Unemployment Rate, German Unemployment Change and Retail Sales m/m.The US will release its Crude Oil Inventories, Trade Balance, ADP Non-Farm Employment Change, FOMC Meeting Minutes. So amid the reports, EUR/USD will move low to medium volatility during this day.

Today's technical levels:

Breakout BUY Level: 1.1927.

Strong Resistance:1.1920.

Original Resistance: 1.1909.

Inner Sell Area: 1.1898.

Target Inner Area: 1.1870.

Inner Buy Area: 1.1842.

Original Support: 1.1831.

Strong Support: 1.1820.

Breakout SELL Level: 1.1813.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of major pairs for January 7, 2015 Market Analysis Review

EUR/USD: The bias here is bullish and the price may go further downwards, reaching the support line at 1.1850. There is a recalcitrant resistance line at 1.2000, which could be a great hurdle to the bulls’ interests.

USD/CHF: The USD/CHF is still a strong market and the price could still go further upwards. Bearish effort may allow the price to test the support level at 1.0000, which is now a strong barrier to the bears’ interests. Meanwhile, the price may end up reaching the resistance level at 1.0150.

GBP/USD: Since the last week Friday, the cable has now fallen by over 400 pips, reaching the accumulation territory at 1.5150. This accumulation territory would easily be breached to the downside, as the price goes further downwards another accumulation territory at 1.5100.

USD/JPY: This pair is also bearish in outlook – just like most other JPY pairs. The price is now trading below the EMA 56 and the RSI period 14 is below the level 50. This reality is also supported by the Bearish Confirmation Pattern in the chart and thus, the price could reach the demand level at 117.50, despite the fact that the USD is strong somewhere else.

EUR/JPY: The strength in the yen is still very much pronounced as JPY pairs are now mostly bearish. The EUR/JPY has trended downwards by close to 300 pips in this week alone. Further southward movement is expected on this cross, for the price could break the demand zone at 141.00 to the downside, moving towards another demand zone at 140.00.

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USDCAD Daily Analysis - January 7, 2015 Forex Analysis

USDCAD is facing 1.1841 resistance, a break of this level will signal resumption of the uptrend from 1.1191, then next target would be at 1.2000 area. Support is at 1.1700, only break below this level will indicate that the uptrend had completed at 1.1841 already, then deeper decline to 1.1500 area could be seen.

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USDCHF Daily Analysis - January 7, 2015 Forex Analysis

No changed in our view, USDCHF remains in uptrend from 0.9553, the fall from 1.0187 is treated as consolidation of the uptrend. As long as 0.9950 support holds, the uptrend could be expected to continue, and next target would be at 1.0300 area. Only break below 0.9950 support could signal completion of the uptrend.

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USDJPY Daily Analysis - January 7, 2015 Forex Analysis

USDJPY remains in uptrend from 115.56, the fall from 120.82 is likely consolidation of the uptrend. Another rise to test 120.82 could be expected after consolidation, a break of this level will signal resumption of the uptrend, then next target would be at 125.00 area. Support is at 118.00, only break below this level could trigger another fall to 115.00 area.

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AUDUSD Daily Analysis - January 7, 2015 Forex Analysis

AUDUSD continued its sideways movement in a range between 0.8035 and 0.8214. As long as 0.8214 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 0.8795 (Nov 17, 2014 high), another fall towards 0.7500 is still possible after consolidation. Support is at 0.8035, a breakdown below this level could signal resumption of the downtrend.

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GBPUSD Daily Analysis - January 7, 2015 Forex Analysis

GBPUSD's downward movement from 1.5785 extended to as low as 1.5101. Further decline is still possible after a minor consolidation, and next target would be at 1.5000 area. Resistance is at 1.5350, only break above this level could signal completion of the downtrend.

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EURUSD Daily Analysis - January 7, 2015 Forex Analysis

EURUSD's downward movement from 1.2569 extended to as low as 1.1845. Further decline could be expected, and next target would be at 1.1700 area. Resistance is at 1.2050, only break above this level could signal completion of the downtrend.

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Daily analysis of GBP/JPY for January 06, 2015 Market Analysis Review

Overview

In the 4H chart, today's closing below the resistance level of 181.00 gives the price an opportunity for a new bearish trend. As shown here, the price might reverse its last week's bullish trend to start a bearish move by breaking the support level of 180.00 and closing below it. In that case, we may get another opportunity for more sell signals, and it opens the way towards 179.30 as the first target. Then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 180.00, it cancels the first scenario.

Resistance and support levels: R3 (182.50), R2 (181.70), R1 (181.00), S1 (180.00), S2 (179.30), S3 (178.50).

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USD/CAD intraday technical levels and trading recommendations for January 6, 2015 Market Analysis Review

Overview:

Three months ago, the price levels around 1.0620 (the lower limit of the depicted chart) initiated the current strong uptrend within the depicted daily channel.

During the past few weeks, the USD/CAD pair established a temporary consolidation zone between price levels of 1.1560 and 1.1670.

Bullish breakout above these zones allowed bulls to reach new highs around 1.1800 and 1.1830 where the upper limit of the bullish channel is roughly located.

The price zone of 1.1665-1.1580 remains the nearest SUPPORT zone for the current prices. LONG positions are suggested at retesting of this price zone.

Note the bearish rejection being expressed around 1.1840 where the upper limit of the depicted movement channel is located. An inverted hammer daily candlestick was expressed yesterday.

Trading recommendations:

As mentioned, risky traders should have looked for SHORT positions around price level of 1.1820. It's already running in profits now. The stop loss should be placed above 1.1850.

LONG positions are suggested at retesting of price zone of 1.1665-1.1580.

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GBP/USD intraday technical levels and trading recommendations for January 6, 2015 Market Analysis Review

Overview:

The GBP/USD pair has been moving downward respecting the depicted bearish channel since mid-September when the ongoing channel was initiated.

Recently, the market failed to express bullish breakout above the price level of 1.5760 (upper limit of the daily bearish channel).

Instead, extensive bearish breakout was applied against the price levels of 1.5540-1.5560 (this breakdown was successfully executed on December 23).

Daily closure below the recent bottoms established around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with potential projected target at 1.5300.

The key level for today's movement is 1.5200. Persistent fixation below it signals more bearish dominance towards the lower limit of the movement channel around 1.5130 and probably 1.5100.

On the other hand, four-hour fixation above price level of 1.5200 pauses the current bearish decline exposing price level of 1.5260, 1.5370 and 1.5410.

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Daily analysis of silver for January 06, 2015 Market Analysis Review

Overview

As shown in today's H4 chart, the metal failed to break the support level of 15.50 yesterday and has reversed its downward trend to trade below the resistance level of 16.50. Currently, it is bouncing from the support level and starting a bullish move. So we still suggest waiting for closing above the resistance level of 16.50 to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 16.75. Then after breaking this resistance level, silver would open the way towards the resistance level of 17.00, which means more bullish signals. But as long as the metal trades below the resistance level of 16.50, this cancels the bullish scenario.

Resistance and support levels: R3 (17.00), R2 (16.75), R1 (16.50), S1 (16.00), S2 (15.50), S3(15.00)

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Intraday technical levels and trading recommendations for EUR/USD for January 6, 2015 Market Analysis Review

Previously, DAILY closure below 1.2360 (the lower limit of the congestion zone) directly exposed price levels around 1.2250.

The EUR/USD pair continued to move lower after breaking below major DEMAND LEVEL at 1.2250 exposing price levels of 1.2120 and 1.2000 .

Fundamentally, the euro sentiment remained negative upon the prospect of more actions from the ECB in the coming weeks regarding QE.

Note that the market is currently pushing further below price level of 1.2000 (prominent psychological SUPPORT, also corresponding to the lower limit of the movement channel).

Price action should be watched carefully at the market closure for further decisions as the market currently looks oversold.

As anticipated previously, an obvious 4H break below 1.2150 exposed the full-range breakout projection target around 1.2000.

Following such a strong bearish swing, the market should be looking for a considerable demand level to pause around.

The lower limit of the current movement channel has been breached after the bearish gap that occurred at the market opening this Monday.

Further price action should be considered as the current price levels haven't been visited since May 2010.

Trade recommendations :

Risky traders should now be looking for LONG positions around these historical low prices after such quick bearish decline that started around 1.2550.

However, conservative traders should be looking for SHORT positions in such strong bearish momentum. Bullish pull-back towards higher price levels are needed.

Low-risk SELL entries can be taken around price level 1.2250 where a recent SUPPLY zone is located.

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Intraday technical levels and trading recommendations for GBP/USD for January 6, 2015 Market Analysis Review

Previously, the GBP/USD pair found temporary DEMAND around 1.5550 where many lows were established within a congestion zone back in November 2014.

A bearish breakout was expressed after successive unsuccessful attempts back in 2014.

A bearish flag pattern is obvious on the daily chart, similar to what happened back in October. Bearish breakout of this continuation pattern enabled the bears to reach price level of 1.5550 directly.

Final bearish target would be located at the price level of 1.5140 where the lower limit of the movement channel is located.

Consolidation movement ranging between the price levels of 1.5770 and 1.5550 represented the state of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

As anticipated, the bearish breakout below 1.5550 directly exposed lower targets. The bears have already reached price level of 1.5160 that hasn't been visited since August 2013.

Potential projection target for flag continuation pattern should be located around 1.5140 down to 1.5100 where the lower limit of the current movement channel is located.

Conservative traders should wait for a bullish pull-back towards the recent SUPPLY zone around 1.5480-1.5550 for a low-risk SELL entry. The stop loss should be located above 1.5560.

Note that the price level of 1.5480 corresponds to 50% Fibonacci level as well as multiple previous bottoms established back in December.

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#USDX technical analysis for January 6, 2015 Market Analysis Review

The Dollar index is making a pullback after the gap up on Monday. Trend remains bullish and is very strong so traders should avoid betting against it. The weekly chart shows an important upward break out above the long-term resistance of the 38% retracement.

Purple line = support

The Dollar index remains above the purple trend line which is important short-term support. The tenkan-sen indicator has been broken but this is a sign of weakness only for the short-term. This means that we could see a pull back lower towards the kijun-sen at 90.80 before resuming the up trend. Medium-term support is at the green area where the Ichimoku cloud is currently at.

The weekly chart is very clear portraying the dollar strength. The 38% retracement has been broken upwards and unless this is a fake break out(we will know very soon), this upward move is expected to continue towards the 50% retracement. So there is still much more upside potential for the dDollar. It is just making a small pause.

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Technical analysis of gold for January 6, 2015 Market Analysis Review

Gold price has broken above short-term resistance and can push even towards $1,220 but the wedge pattern we observe is tightening and if price breaks back below $1,200 we could see another test of the recent lows.

Gold price is forming a bearish wedge. The short-term trend remains bullish as prices continue to make higher highs and higher lows, while we have broken short-term resistance at $1,200-$1,205. If price manages to hold above $1,200 (lower wedge trend line and Ichimoku cloud) we could see a run towards $1,220. If $1,200 is broken, we should expect a sharp move towards $1,190 at least.

However, the bigger picture also has another potential scenario as the rise from recent lows at $1,130 is far from impulsive. The most probable scenario I see is the formation of another sideways large triangle. This is what I believe is the most probable path for gold price.

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Elliott wave analysis of EUR/NZD for January 6 - 2015 Market Analysis Review

Technical summary:

We saw the expected resistance at 1.5679 protect the upside for a decline to new lows. We will now be looking for a break below support at 1.5407 confirming continuation lower towards support at 1.5205, where wave iii will be 261.8% longer than wave i. In the short term only a break above minor resistance at 1.5532 would delay the expected decline towards 1.5205. To invalidate the bearish count, a break above 1.5679 is needed.

Trading recommendation:

We are short EUR from 1.5620 and will move our stop lower to 1.5545. If you are not short EUR yet, then sell it near 1.5532 with the same stop at 1.5545.

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Elliott wave analysis of EUR/JPY for January 6 - 2015 Market Analysis Review

Technical summary:

We have now seen the expected decline to the 142.44 target (the low has been 142.26). We could still see a move slightly lower to 142.06, but a bottom should be close by. In the short term a break above minor resistance at 142.97 will be the first indication of a possible bottom, while a break above resistance at 144.16 is needed to confirm the bottom for a rally towards at least 145.57 and above that level a return to the 149.78 high and above would be confirmed.

Trading recommendation:

We took profit on our short EUR position from 145.90 at 142.55. We will buy EUR at 142.10 or upon a break above 142.97. The stop will be placed at 141.50.

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Technical analysis of USD/JPY for January 06, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to trade in lower range. It is undermined by the flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 11.97% to 19.92, S&P 500 closed 1.83% lower at 2,020.58 overnight) as concerns mount over a possible Greek exit from the eurozone, while a renewed slide in oil prices to fresh five-and-a-half year lows and news that German inflation had fallen to a five-year low in December raised an uncertain global growth outlook. USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 2.035% versus 2.123% late Friday) and Japan exporter sales. But USD/JPY losses are tempered by the demand from Japan importers, Bank of Japan's large-scale monetary easing policy and bullish USD sentiment (ICE spot dollar index hit nine-year high 91.775 Monday, last at 91.39) amid expectations that the U.S. economy will pull ahead of the rest of the world this year and that the Federal Reserve would start raising interest rates in coming months ahead of other major central banks and jump in U.S. ISM-NY business index to 70.8 in December from 62.4 in November.

Technical comment:
Daily chart is mixed as MACD is bearish, stochastics is turning bearish at overbought levels, but five-day moving average is meandering sideways above rising 15-day moving average.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 120.30 and the second target at 120.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.80. A break of this target would push the pair further downward and one may expect the second target at 118.30. The pivot point is at 119.90.

Resistance levels:

120.30

120.75

121



Support levels:

118.80

118.30

118

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Technical analysis of NZD/USD for January 06, 2015 Market Analysis Review

Fundamental overview:

NZD/USD is expected to consolidate after hitting a near-one-month low of 0.7616 on Monday. It is undermined by the positive USD sentiment, weak commodity prices; kiwi sales on buoyant AUD/NZD cross and kiwi sales on soft NZD/JPY cross amid increased investor risk aversion. But NZD/USD downside is limited by the NZD/USD interest differential and kiwi demand on soft EUR/NZD and GBP/NZD crosses.

Technical comment:
The daily chart is negative-biased as MACD and slow stochastic indicators are bearish, five-day moving average is falling below 15-day moving average.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7765 and the second target at 0.78. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 0.7615. A break of this target would push the pair further downward and one may expect the second target at 0.7575. The pivot point is at 0.7650.

Resistance levels:

0.7765

0.78

0.7845



Support levels:

0.7615

0.7575

0.7535

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Technical analysis of GBP/JPY for January 06, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate with bearish bias. GBP/JPY is undermined by the weak GBP sentiment drop in CIPS/ Markit U.K. construction PMI to 57.6 in December from 59.4 in November, sterling sales on soft GBP/AUD, GBP/NZD and GBP/CAD crosses, and Japan exports. But GBP/JPY losses are tempered by demand from Japan importers.

Technical comment:
Daily chart is negative-biased as MACD and slow stochastic indicators bearish, although the latter is at oversold levels, five and 15-day moving averages are declining.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 181.35. A break of this target will move the pair further downward to 180.30. The pivot point stands at 183.65. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 185 and the second target at 185.70.

Resistance levels:

185

185.70

186.50

Support levels:

181.35

180.30

179.75

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Technical analysis of USD/CHF for January 06, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to consolidate with a bullish bias after hitting four-year high 1.0108 Monday. USD/CHF is underpinned by bullish USD sentiment (ICE spot dollar index hit nine-year high 91.775 Monday, last at 91.39) amid expectations that the U.S. economy will pull ahead of the rest of the world this year and that the Federal Reserve would start raising interest rates in coming months ahead of other major central banks as well as a jump in U.S. ISM-NY business index to 70.8 in December from 62.4 in November, weaker--than-expected Switzerland December PMI of 54.0 (versus forecast 54.3), franc sales on soft CHF/JPY cross and on buoyant AUD/CHF, NZD/CHF and CAD/CHF crosses, and ultra-loose Swiss National Bank's monetary policy.

Technical comment:
Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought levels, five and 15-day moving averages are advancing.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 1.0140 and the second target at 1.0180. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9980. A break of this target would push the pair further downward, and one may expect the second target at 0.9930. The pivot point is at 1.0030.

Resistance levels:

1.0140

1.0180

1.0210

Support levels:

0.9980

0.9930

0.99

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