(Ranges are calculated using recent highs and lows, information on the placement of option strikes, and technical analysis--Bollinger Bands, Fibonacci levels, trendlines and moving averages.)
USD/CNH intraday: turning down. USD/CNH broke below the key support at 6.2175 as the Chinese yuan strengthened upon China's authorities announcing that restrictions on yuan trading by banks will be relaxed from January 1. The intraday 20-period and 50-period moving averages have turned to be resistance capping USD/CNH's upward momentum. Meanwhile, the intraday RSI stays below the neutrality level of 50. The pair's intraday outlook has become bearish, and we suggest SHORT positions below 6.24 with targets @ 6.2 & 6.185 in extension. Above 6.24 look for further upside with 6.25 & 6.262 as targets.
USD/TWD intraday: the bias remains bullish. USD/TWD maintains its bullish bias though year-end profit-taking has trimmed a bit of the US dollar's strength. Meanwhile the pair keeps trading around the intraday 20-period and 50-period moving averages. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. We suggest LONG positions above 31.5 with targets @ 31.9 & 32 in extension. Below 31.5 look for further downside with 31.33 & 31.17 as targets.
USD/KRW intraday: USD/KRW maintains its bullish bias above the key support at 1093 as the US dollar slid from its recent high. Caution is advised as the pair is facing resistance posted by the intraday 20-period and 50-period moving averages and the intraday RSI is below the neutrality level of 50. Meanwhile, we suggest LONG positions above 1093 with targets @ 1107 & 1110.9 in extension. Below 1093 look for further downside with 1080 & 1070 as targets.
USD/SGD intraday: bias remains bullish above 1.3195. From a chartist view, the pair pulled back slightly last night, but still remains positive. A support base at 1.3195 has formed and has allowed for a temporary stabilization. Furthermore, the intraday RSI indicator is rebounding from its "oversold" area (below 30), calling for a new rise. To conclude, as long as 1.3195 holds on the downside, we suggest LONG positions with targets @ 1.326 & 1.33 in extension. Alternatively, below 1.3195 look for further downside with 1.315 & 1.31 as targets.
USD/MYR intraday: the RSI is overbought. From a chartist standpoint, the pair extended its gains after the recent bullish reversal. The RSI indicator posted strong bullish momentum, and broke above its resistance at 70, entering its "overbought" area. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive, indicating a positive configuration. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 3.4955 and 3.4899). In these perspectives, we expect the upside prevails as long as 3.4925 is support. Our first target is set at 3.516. Alternatively, below 3.4925, look for a return to 3.4855 and 3.481.
USD/THB intraday: the downside prevails as long as 32.913 is resistance. On an intraday basis, the pair reversed down after the downside breakout of its previous rising trend line, and is also trading under both its 20 and 50 MAs (respectively at 32.9305 and 32.9109), both of which now play as resistance roles. Moreover, the RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is therefore negative. Hence, as long as 32.913 is resistance, further decline seems more likely to occur towards 32.797. Alternatively, the upside breakout of 32.913, would call for 32.943 and 32.959.
USD/PHP intraday: consolidation. The pair is trading above both its 20 and 50 MAs (respectively at 44.7064 and 44.6921) and stands above its support at 44.667. The MACD is positive, but the RSI is overbought as it is trading above 70. Therefore, a continuation of the consolidation is possible in the near term. As long as 44.667 is support, look for 44.811 as 1st upside target. Below 44.667, expect 44.631 and 44.613 as likely.
USD/IDR intraday: rebound in sight. The pair stands above its support at 12403 and should post some rebounds in the forthcoming days. Although the RSI is below 50, it lacks downside momentum. Thus, as long as 12403 holds as the key support, expect a rebound towards 12529. Alternatively, the downside breakout of 12403 would call for 12374 and 12357 in extension.
USD/INR Intraday: turning down. The pair has just broken below a rising trend line support and is turning down. The immediate trend is down and the momentum is strong. Meanwhile, the RSI is badly directed, calling for further downside. We suggest SHORT positions below 63.8 with targets @ 63.2 & 62.99 in extension. Above 63.8, look for further upside with 64.2 & 64.5 as targets.
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(END) Dow Jones Newswires
December 30, 2014 20:42 ET (01:42 GMT)
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