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INO.com’s Daily Market Analysis
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The December Dollar was steady to slightly higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the October 15th high crossing at 98.38 is the next upside target. Closes below the 20-day moving average crossing at 97.62 are needed to confirm that a short-term top has been posted. First resistance is the October 15th high crossing at 98.38. Second resistance is the October 8th high crossing at 98.96. First support is the 20-day moving average crossing at 97.62. Second support is October's low crossing at 96.88.
The December Euro was higher overnight as it consolidates some of the decline off October's high. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the October 8th low crossing at 109.92 is the next downside target. Closes above the 20-day moving average crossing at 111.16 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 111.16. Second resistance is the the 50% retracement level of the June-October-decline crossing at 112.48. First support is the October 8th low crossing at 109.92. Second support is October's low crossing at 109.38.
The December British Pound was steady to slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session beings trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December resumes the rally off October's low, the 75% retracement level of the February-September-decline crossing at 1.3161 is the next upside target. If December resumes the decline off October's high, the 50-day moving average crossing at 1.2649 is the next downside target. First resistance is the 62% retracement level of the February-September-decline crossing at 1.2958. Second resistance is the 75% retracement level of the February-September-decline crossing at 1.3161. First support is last-Friday's low crossing at 1.2782. Second support is the 50-day moving average crossing at 1.2649.
The December Swiss Franc was lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 1.0182 are needed to confirm that a short-term low has been posted. If December extends the decline off October's high, October's low crossing at 1.0029 is the next downside target. First resistance is the reaction high crossing at 1.0182. Second resistance is October's high crossing at 1.0205. First support is last-Friday's low crossing at 1.0045. Second support is October's low crossing at 1.0029.
The December Canadian Dollar was slightly higher overnight as it consolidates some of the decline off October's high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off October's high, October's low crossing at 74.96 is the next downside target. Closes above the 20-day moving average crossing at 76.03 would confirm that a short-term bearish outlook. First resistance is the 20-day moving average crossing at 76.03. Second resistance is the reaction high crossing at 76.26. First support is Thursday's low crossing at 75.35. Second support is October's low crossing at 74.97.
The December Japanese Yen was lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 0.0928 are needed to confirm that a low has been posted. If December resumes the decline off August's high, April's low crossing at 0.0907 is the next downside target. First resistance is the 50-day moving average crossing at 0.0928. Second resistance is the reaction high crossing at 0.0929. First support is last-Thursday's low crossing at 0.0915. Second support is April's low crossing at 0.0907.
