USD Regains Poise;CHF Shunted

 
   By Francis Bray, CFTe MSTA 
   A DOW JONES NEWSWIRES COLUMN 
 

        LONDON (Dow Jones)--Rolling 24-hour chart levels:
        Intraday EUR/USD: EUR bears are on the back foot, following Wednesday's plunge. The break below 1.2370 not only consigned Tuesday's 1.2570 peak to bull failure status, the move has also met its downwave equality target at 1.2292, dragging the Dec. 8 reaction low at 1.2247 into view. The structure of the decline from 1.2570 indicates additional risk to 1.2180. Layers of resistance hamper scope for corrective gains, and only above 1.2378 would provide respite.
        Weekly chart EUR/USD trend: Bearish.
        Intraday USD/JPY: USD bulls will remain in charge while projected support at 118.22 holds. The push through 117.76 on Wednesday reached 119.01 during Thursday's Asian session, and the sub-dividing wave structure of the recovery from Tuesday's 115.56 low has additional upside scope to 119.80 on offer. However, there is evidence of waning bull momentum, and a break below 118.22 would prompt a deeper setback, exposing 117.94 and potentially 117.04.
        Weekly chart USD/JPY trend: Bullish.
        Intraday GBP/USD: Wednesday's plummet set a marginal 15-month low at 1.5541, and further weakness is on the cards. The sharp decline strengthens Tuesday's near-three-week high at 1.5784, and a push below 1.5541 would expose 1.55 and the broader-term downside objective at 1.5432. Tuesday's 1.5784 high is a confirmed bull failure, and resistance between 1.5641 and 1.5715 hampers corrective upside risk.
        Weekly chart GBP/USD trend: Bearish.
        Intraday USD/CHF: Pushes strongly higher above the May 2013 high at 0.9839 on Thursday, opening the August 2012 peak at 0.9898. Ultimately, the July 2012 peak at 0.9972 is the main objective for longer-term USD bulls. Corrective downside risk will attract strong support while above 0.9745.
        Weekly chart USD/CHF trend: Bullish.
        Intraday EUR/GBP: The decline from Tuesday's decisive bear hammer candle high at 0.8002 has breached the 0.79 level on Thursday. The push below 0.7908 consigned that 0.8002 high to bull failure status, and weakness to 0.7875 and 0.7844 is expected during the coming sessions. Resistance at 0.7946 and 0.7976 limits scope for corrective gains.
        Weekly chart EUR/GBP trend: Range.
        Intraday EUR/JPY: The 147 resistance area is proving a tough nut to crack. That 147 area is preventing a wave equality target at 147.43 from being met, and the rejection from Wednesday's high at 146.73 is threatening to test support at 145.37. Loss of 145.37 would leave a truncated bull failure at the 146.73 high, prompting further weakness to Tuesday's 144.96 reaction low.
        Weekly chart EUR/JPY trend: Bullish.
        Intraday EUR/CHF: The SNB has defended its 1.20 floor on Thursday, to prompt a rally to 1.2093. The falling 200-day moving average lies at 1.2114, in front of the previous lower high at 1.2140 that was set on Oct. 7. Downward drift from 1.2093 would have to push below 1.2051 and 1.2038, to expose the 1.2008/15 support area that protects 1.20.
        Weekly chart EUR/CHF trend: Bearish.
        Intraday AUD/USD: Wednesday's low at 0.8107 remains vulnerable, and a downtrend extension to 0.8040 is expected. The sustained break below 0.82 this week extends the push into new four-and-a-half year lows, and the 0.80 level will also be dragged into the picture in the coming sessions. Resistance at 0.8182 and 0.8200 hamper scope for corrective gains, protecting 0.8220.
        Weekly chart AUD/USD trend: Bearish.
        * The pivot is the sum of the high, low and close divided by 3.
        For more technical analysis see: Dow Jones Newswires, N/DJTA; Bloomberg, NI DJTA; and Reuters key word search "INSI-DJN"
        By Francis Bray; Dow Jones Newswires; +44 (0)207 842 9249; francis.bray@dowjones.com
        Francis Bray is Dow Jones' chief technical analyst for Europe, and has worked as a technical analyst and trader for 20 years in London, Barcelona and Guernsey.
        Data provided by CQG International Ltd.
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        (END) Dow Jones Newswires

        December 18, 2014 02:45 ET (07:45 GMT)

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