The British Pound Slightly Rose Versus The Greenback

British Pound –The British Pound Slightly Rose Versus The Greenback after UK December services sector rose slightly in December to 56.8 vs. 56.7 forecast.

Today the eyes of the investors will be set for the interest rate decision of the The bank of England is expected to leave the rate at 0.5%.

There is a support level at 1.5930 if it breaks it the GBP momentum is down.

Overall, GBP/USD traded with a low of 1.5938 and with a high of 1.6064.Today, Halifax HPI is expected at 0.6% vs. 1.4% prior and Asset Purchase Facility is expected to remain at 2008
GBP/USD - Last: 1.6025

Resistance 1.6064 1.6154 1.6240

Support 1.5938 1.5833

The US Dollar Weakened Against Most Majors

(USD) – The Greenback against most majors owing to the ADP Employment Change that came out worse than expected showed that Firms the U.S. cut an estimated 84,000 jobs in December, also ISM Non-Manufacturing PMI came out worse than expected at 50.1 vs. 50.5 forecast .

NASDAQ decreased by 0.33% and Dow Jones rose by 0.02%. Crude oil traded near a 14-month high in New York as an industry report showed a decline in U.S. crude inventories, strengthened by 1.7% closed at 83.18$ a barrel.

Gold (XAU) rose by 1.6% closed at 1136.5$ an ounce. Today, Unemployment Claims is expected to rise from 432K to 449K.

(EUR) – The Dollar declined against the Euro as minutes of the Federal Reserve’s Dec. 15-16 meeting showed policy makers debated increasing and extending asset purchases should the economy weaken. If the price goes above 1.4500 the momentum is bullish.

Overall, EURO/US DOLLAR traded with a low of 1.4283 and with a high of 1.4434.

Today, German Retail Sales are expected to rise from 0.0% to 0.4%, euro zone Retail Sales are expected to remain at 0.0% , German Factory Orders are expected at 1.6% vs. -2.1% prior.
EUR/USD – Last: 1.4408

Resistance 1.4455 1.4483

Support 1.4334 1.4283 1.4257

USD/JPY Succeeded In Touching The Awaited Resistance Level

The pair succeeded in touching the awaited resistance level which currently resides at 92.40 accompanied by Stochastic and RSI trading near overbought areas.

Therefore, we expect an intraday downside move targeting initially the channel’s support at 91.80 to open the way to the short term downside wave which target next 90.75.

Note that steady trading above 92.40 might cancel the strength of this level and might take the pair higher towards 93.60 to continue trading within this channel.

The trading range for today is among the key support at 90.75 and the key resistance at 93.60.

The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.

Support 91.80 91.35 90.75 90.15 89.60

Resistance 92.40 92.80 93.35 93.60 94.30

GBP/USD Rushed to The Upside Steeply Yesterday

The pair rushed to the upside steeply yesterday to continue the upside correction reaching 61.8% while trading above the support level for the descending channel.

Momentum indicators are providing negative signals supporting the strength of the correction level and therefore we expect a downside intraday move today targeting initially 1.5975 and then 1.5920 and require 1.6155 to remain intact with four hour closing.

The trading range for today is among the key support at 1.5830 and the key resistance at 1.6255.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

Support 1.6035 1.5975 1.5920 1.5830 1.5805

Resistance 1.6090 1.6125 1.6155 1.6235 1.6255

CAD Was Hit Hard On Wednesday

Canadian Dollar Decline Keeps USDCAD Range Bound

The Canadian dollar was hit hard on Wednesday as USDCAD bounced from a rising trendline connecting the 2007 and 2009 lows, keeping the pair within its two-month trading range of 1.0400/15-1.0746.

The currency will face key event risk next Friday, as the Canadian net employment change for the month of December may rise for the second straight month, this time by 20,000 following an increase of 79,100 in November.

However, the unemployment rate is anticipated to hold steady near the 11-year high of 8.7 percent at 8.5 percent.

Nevertheless, since the employment change tends to be a very volatile release, this should have the greater impact on the Canadian dollar, with a surprise drop likely to weigh on the currency and an unexpectedly strong result likely to push it higher.

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