FX.co ★ Currency Market Review for December 26, 2012

EUR/USD: No gap was formed on the EUR/USD, a pair that was moving in a range for most of today. The indicators on the chart show that the bullish outlook is still sensible. Right now, the price is above the resistance line of 1.3200.

USD/CHF: The USD/CHF also experienced no gap, but consolidated to the downside. The bearish propensity still exists on the chart, and it seems that the support level at 0.9100 would be the next target. Yes, sellers are still in control.

GBP/USD: A new Sell signal has formed on the Cable. The EMA 11 has just crossed the EMA 56 to the downside, as the Williams’ % Range has gone into the oversold territory. The price tested the accumulation level at 1.6100: it is going back to that level to test it again.

USD/JPY: .There is a noteworthy gap on the USD/JPY, just as it appears on all other JPY pairs and certain crosses. The market traded upwards after the gap, staying above the territory at 85.50. The next target would be the supply territory at 86.00.

EUR/JPY: This cross also opened with a gap and traded upwards. This means that the market would likely go on in that direction. The indication of the northward bias remains vivid. The price is above the supply zone at 113.00, and would reach the zone at 113.50 in a due course.