It’s a quiet start to the trading week, with the USD generally in control after the Friday’s NFP Report. Markets have now priced in the expectation of the FED raising rates on the FOMC meeting of December 16th. Focus regarding the USD has now shifted to the subsequent rate hikes that will occur in 2016 and their frequency. Market wise, there has not been any significant developemnt or break of ranges besides OIL posting a new low. Gold prices have steadied on Monday, as the metal trades at a spot price of $1080 per ounce in the European session. The metal has enjoyed an impressive rally, climbing 3.5% since Thursday. Attention will turn to meetings of three other central banks this week first. Those include RBNZ, SNB and BoE, all on Thursday.
Trading quote of the day: Time is your friend; impulse is your enemy. Jack Bogle
Currency Updates:
USD/CHF
Pivot: 1.0035
Likley scenario: short positions below 1.0035 with targets @ 0.9945 & 0.987 in extension.
Alternative scenario: above 1.0035 look for further upside with 1.0115 & 1.0175 as targets.
Comment: the upward potential is likely to be limited by the resistance at 1.0035.
EUR/USD
Pivot: 1.09
Likley scenario: short positions below 1.09 with targets @ 1.076 & 1.069 in extension.
Alternative scenario: above 1.09 look for further upside with 1.098 & 1.109 as targets.
Comment: the RSI is badly directed.
USD/JPY
Pivot: 122.9
Likley scenario: long positions above 122.9 with targets @ 123.55 & 123.75 in extension.
Alternative scenario: below 122.9 look for further downside with 122.7 & 122.45 as targets.
Comment: the RSI is well directed.
GBP/USD
Pivot: 1.5115
Likley scenario: short positions below 1.5115 with targets @ 1.505 & 1.5 in extension.
Alternative scenario: above 1.5115 look for further upside with 1.5155 & 1.519 as targets.
Comment: the RSI is badly directed.
GOLD
Pivot: 1075
Likley scenario: long positions above 1075 with targets @ 1091 & 1100 in extension.
Alternative scenario: below 1075 look for further downside with 1069.5 & 1064 as targets.
Comment: the break above the resistance at 1075 triggered an upward acceleration to 1091.
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