EurUsd Just when EURUSD started to find buyers, Iranian comments killed the mood. Overarching bearish Eurozone sentiment and geopolitical headlines continues to take it toll on the EURUSD. Initial demand is located at 1.2904 (30th Dec low), 1.2858/65 (29th Dec low & 1st Jan low 11) then 1.2600 (76.4% Fibo retracement). On the topside minor resistance is located at 1.2308 (intraday high), 1.3078 (28th Dec high), 1.3237 (13th Dec high), 1.3456 (8th Dec high), 1.3553 (9th Nov high), then 1.3852 (61.8% Fibo retracement).

GbpUsd USD buying in thin markets sent the cable to 1.5594 (intraday high). Break above 1.5572 (30th Dec high) gives the pair a bullish feel. Resistance should kick-in at 1.5692 (28th Dec high), 1.5780 (30th Nov high), 1.5805 (21st Nov high), then 1.5880 (61.8% Fibo retracement). Next level of demand will come into play at 1.5361 (29th Dec low), 1.5333 (23rd Sept low), then 1.5272 (6th Oct low).

UsdJpy USDJPY continues to grid lower as exporter end of year selling eroded demand. Initial critical support will come into play at 76.11 (22nd Sept high), then 75.35 (31st Oct low). Resistance can be seen at 78.04 (28th Dec high), 78.29 (30th Nov high), 79.53 (31st Oct intervention high), 80.24 (prior intervention high) then 81.48 (8th July high). Given EURJPY safely below 100, a long USDJPY position might be interesting.

UsdChf The pair remains in consolidation mode. Earlier in the week USDCHF was able to break-out of its 0.9300 to 0.9400 range resuming its bullish trend seen since Oct 27th. But since then momentum has stalled. Next resistance is located at 0.9453 (2nd Jan high) then 0.9603 (17th Feb high). Next support region is located 0.9342 (30th Dec low), 0.9321 (28th Dec low), 0.9244 (21st Dec low) then 0.9130(65d MA).