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Daily Pivots: (S1) 159.02; (P) 160.40; (R1) 161.15; More....

Intraday bias in EUR/JPY remains on the downside at this point. Fall from 164.29 is in progress for 161.8% projection of 164.29 to 161.22 from 163.70 at 158.73. Sustained break there will target 154.32 cluster support (38.2% retracement of 139.05 to 164.29 at 154.64). On the upside, above 160.58 support turned resistance will turn intraday bias neutral and bring consolidations first.

In the bigger picture, bearish divergence condition in 55 D EMA indicates that a medium term top could be formed at 164.29 already, after hitting rising channel resistance. But price actions from there are tentatively seen as a correction only. There is no clear sign that the up trend from 144.42 (2020 low) has completed yet. As long as 55 W EMA (now at 152.12) holds, another rally through 164.29 is still in favor as a later stage.

Daily Pivots: (S1) 0.8535; (P) 0.8585; (R1) 0.8612; More....

Intraday bias in EUR/GBP remains on the upside for the moment. As noted before, rebound from 0.8491 should have completed as a corrective move at 0.8764. Deeper fall should be seen to retest 0.8491 low first. Firm break there will resume larger down trend. On the upside, touching 0.8634 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, current development suggests that down trend from 0.9267 (2022 high) is still in progress. This decline is now seen as the third leg of the pattern from 0.9499 (2020 high). Break of 0.8201 will target 100% projection of 0.9499 to 0.8201 from 0.9267 at 0.7969. In any case, outlook will stay bearish as long as 0.8764 resistance holds.

Daily Pivots: (S1) 1.6221; (P) 1.6375; (R1) 1.6457; More...

Despite today's recovery, further decline is expected in EUR/AUD with 1.6449 support turned resistance intact. While fall from 1.7062 is in progress for 100% projection of 1.7062 to 1.6319 from 1.6844 at 1.6106 next. On the upside, above 1.6649 resistance will turn intraday bias and bring consolidations first, before staging another decline.

In the bigger picture, the break of medium term trend line support now suggests fall from 1.7062 correcting the whole up trend from 1.4281 (2022 low). Deeper decline would be seen to 38.2% retracement of 1.4281 to 1.7062 at 1.6000. Strong support could be seen there to bring rebound on first attempt. But risk will stay on the downside as long as 1.6844 resistance holds. Sustained break of 1.6000 would bring further fall to 61.8% retracement at 1.5343.

Daily Pivots: (S1) 0.9424; (P) 0.9484; (R1) 0.9519; More...

Despite today's recovery, further decline is expected in EUR/CHF with 0.9543 minor resistance intact. Retest of 0.9507/16 support zone should be seen next. Decisive break there will resume larger down trend. On the upside, touching 0.9543 minor resistance will delay the bearish case and turn intraday bias neutral first.

In the bigger picture, rejection by 0.9691 cluster resistance (38.2% retracement of 1.0095 to 0.9416 at 0.9675) maintains medium term bearishness in EUR/CHF. Firm break of 0.9047 support (2022 low) will resume long term down trend. Next target will be 61.8% projection of 1.1149 to 0.9407 from 1.0095 at 0.9018. For now, outlook will be neutral at best as long as 0.9683 holds.

Daily Pivots: (S1) 0.6625; (P) 0.6650; (R1) 0.6701; More...

Further rally is expected in AUD/USD as long as 0.6570 support holds. Sustained break of channel resistance (now at 0.6652) will argue that whole decline from 0.7156 has completed with three waves down to 0.6269. Further rally should then be seen to 0.6894 resistance for confirmation. However, break of 0.6570 support will indicate rejection by the channel and turn bias back to the downside.

In the bigger picture, there is no confirmation that down trend from 0.8006 (2021 high) has completed. price actions from 0.6169 (2022 low) could be just a medium term corrective pattern, with rise from 0.6269 as the third leg. For now, range trading should be seen between 0.6169 and 0.7156 (2023 high), until further developments.

Daily Pivots: (S1) 1.3463; (P) 1.3521; (R1) 1.3555; More...

Intraday bias in USD/CAD is turned neutral first with current recovery, and some consolidations could be seen above 1.3479 temporary low. Still, further decline is expected as long as 1.3625 resistance holds. Below 1.3479 will resume the fall from 1.3897 to 1.3378 support next, which is close to 61.8% retracement of 1.3091 to 1.3897 at 1.3399. Strong support could be seen there to bring rebound.

In the bigger picture, rise from 1.3091 is seen as the fifth leg of the whole rise from 1.2005 (2021 low). Further rally is expected as long as 1.3378 support holds, to 61.8% projection of 1.2401 to 1.3976 from 1.3091 at 1.4064. However, decisive break of 1.3378 will dampen this view and bring deeper fall back to 1.3091 instead.

Daily Pivots: (S1) 1.0838; (P) 1.0875; (R1) 1.0922; More...

Intraday bias in EUR/USD remains mildly on the downside at this point. Fall from 1.1016 short term top should extend to 55 D EMA (now at 1.0769). On the upside, however, break of 1.1016 will resume the rise from 1.0447 to retest 1.1274 high instead.

In the bigger picture, price actions from 1.1274 are viewed as a corrective pattern to rise from 0.9534 (2022 low). Rise from 1.0447 is tentatively seen as the second leg. Hence while further rally could be seen, upside should be limited by 1.1274 to bring the third leg of the pattern. Meanwhile, sustained break of 55 D EMA will argue that the third leg has already started for 1.0447 and below.

Daily Pivots: (S1) 1.2645; (P) 1.2680; (R1) 1.2747; More...

Intraday bias in GBP/USD remains neutral and consolidation from 1.2731 could extend further. But further rally is expected as long as 1.2590 minor support holds. On the upside, decisive break of 1.2731 will resume the rally from 1.2036 for retesting 1.3141 high next.

In the bigger picture, price actions from 1.3141 are seen as a corrective pattern to rise from 1.0351 (2022 low). Strong rebound from 38.2% retracement of 1.0351 (2022 low) to 1.3141 at 1.2075 suggests that current rise from 1.2036 is already the second leg. However, while further rally could be seen, upside should be limited by 1.3141 to bring the third leg of the pattern.

Daily Pivots: (S1) 0.8657; (P) 0.8713; (R1) 0.8746; More....

Intraday bias in USD/CHF is turned neutral first with current recovery. But another fall is in favor as long as 0.8769 minor resistance holds. Below 0.8665 will resume the decline from 0.9243 to 161.8% projection of 0.9243 to 0.8886 from 0.9111 at 0.8533, which is close to 0.8551 low. However, break of 0.8769 minor resistance should indicate short term bottoming, and turn bias back to the upside for stronger recovery.

In the bigger picture, price actions from 0.8551 are currently seen as part of a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Deeper decline could be seen to 0.8551 low but strong support should be seen there to bring rebound. For now, this will remain the favored case as long as 0.8886 support turned resistance holds.

Swiss CPI fell -0.2 mom in November, below expectation of -0.1% mom. Core CPI (excluding fresh and seasonal products, energy and fuel), was flat at 0.0% mom. Domestic products prices was flat at 0.0% mom. Imported product prices fell -1.1% mom.

Annually, CPI slowed from 1.7% yoy to 1.4% yoy, below expectation of 1.6% yoy. Core CPI slowed from 1.5% yoy to 1.4% yoy. Domestic products prices slowed from 2.2% yoy to 2.1% yoy. Imported product prices turned negative from 0.4% yoy to -0.6% yoy.

Full Swiss CPI release here.