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Daily Pivots: (S1) 0.8586; (P) 0.8637; (R1) 0.8666; More...

Intraday bias in EUR/GBP remains neutral for the moment. Further decline is expected as long as 0.8779 resistance holds. On the downside, break of 0.8577 will resume the fall from 0.9267, towards 0.8201/8388 support zone. However, firm break of 0.8779 will indicate that such decline has completed after defending 55 day EMA. Intraday bias will be back on the upside for retesting 0.9267 instead.

In the bigger picture, current development suggests that fall from 0.9267 is a down leg inside long term range pattern. Deeper fall could be seen towards 0.8201/8338 support zone. But strong support should be seen there to bring reversal.

Daily Pivots: (S1) 1.5350; (P) 1.5479; (R1) 1.5567; More...

EUR/AUD breached 1.5412 support briefly but quickly recovered. Intraday bias remains neutral first. On the upside, break of 1.5704 will resume the rally from 1.4281 to 161.8% projection of 1.4281 to 1.4965 from 1.4716 at 1.5823. However, on the downside, firm break of 1.5412 minor support will turn bias to the downside for deeper pull back.

In the bigger picture, a medium term bottom should be in place at 1.4281, on bullish convergence condition in daily MACD. Further rise would be seen back to 1.6434 key resistance next. Break of 1.4965 resistance turned support is needed to indicate reversal. Otherwise, further rally will remain in favor.

Daily Pivots: (S1) 0.9846; (P) 0.9900; (R1) 0.9928; More....

Intraday bias in EUR/CHF is turned neutral with current retreat and some more consolidations would be seen below 0.9953. But further rally is expected as long as 0.9798 resistance turned support holds. Break of 0.9953 will resume the rise from 0.9407 to 100% projection of 0.9407 to 0.9798 from 0.9641 at 1.0032.

In the bigger picture, considering bullish condition in daily MACD and the firm break of 55 day EMA, a medium term bottom should be in place at 0.9407. Further rally is expected as long as 0.9641 support holds, even as a corrective rebound. Next target 38.2% retracement of 1.1149 to 0.9407 at 1.0072. Reaction from there, as well as 55 week EMA (now at 1.0120) will reveal whether the trend is reversing.

Daily Pivots: (S1) 1.3500; (P) 1.3564; (R1) 1.3631; More....

Intraday bias in USD/CAD stays neutral at this point. As long as 1.3501 holds, further rise is still in favor. On the upside, firm break of 1.3976 will target 200% projection of 1.2005 to 1.2947 from 1.2401 at 1.4285. However, firm break of 1.3501 will bring deeper correction to 55 day EMA (now at 1.3439) and possibly below.

In the bigger picture, up trend from 1.2005 (2021 low) is still in progress. Based on current impulsive momentum, it could be resuming long term up trend from 0.9056 (2007 low). Whether it is or it isn't, retest of 1.4689 (2016 high) should be seen next. This will now remain the favored case as long as 1.3222 resistance turned support holds.

AUD/USD retreated ahead of 0.6530 resistance and intraday bias is turned neutral first. On the upside, decisive break of 0.6535, and sustained trading above 55 day EMA (now at 0.6564), will raise the chance of medium term bottoming, and target 0.6680 support turned resistance next. On the downside, below 0.6371 minor support will turn bias back to the downside for retesting 0.6169 low instead.

In the bigger picture, down trend form 0.8006 (2021 high) is expected to continue as long as 0.6680 support turned resistance holds. Medium term momentum remains strong and retest of 0.5506 (2020 low) cannot be ruled out. But firm break of 0.6680 will be the first sign of reversal, and bring stronger rebound back to 0.7135 resistance.

Daily Pivots: (S1) 0.9917; (P) 1.0006; (R1) 1.0053; More...

Intraday bias in EUR/USD remains neutral for the moment. Rise from 0.9534 is still expected to continue as long as 4 hour 55 EMA (now at 0.9898). Above 1.0092 will resume the rally from 0.9534 to 38.2% retracement of 1.1494 to 0.9534 at 1.0283. However, sustained trading below 4 hour 55 EMA will turn bias to the downside for 0.9534/9630 support zone again.

In the bigger picture, the case of medium term bottoming at 0.9534 building up, with bullish convergence condition in daily MACD. While it is too early to call for trend reversal, firm break of 0.9998 opens up stronger rebound back to 55 week EMA (now at 1.0630) even as a corrective rise. This will now be the favored case as long as 55 day EMA (now at 0.9937) holds.

Daily Pivots: (S1) 1.1527; (P) 1.1586; (R1) 1.1623; More...

Intraday bias in GBP/USD is turned neutral with current retreat, and some consolidations could be seen. Further rally is expected as long as 1.1256 minor support holds. Break of 1.1644 will resume rise form 1.0351 to 100% projection of 1.0351 to 1.1494 from 1.0922 at 1.2065. However, break of 1.1256 will turn bias back to the downside for 1.0922 support and below.

In the bigger picture, fall from 1.4248 (2018 high) is part of the long term down trend from 2.1161 (2007 high). Outlook will stay bearish as long as 1.1759 support turned resistance holds. Parity would be the next target on resumption. Nevertheless, firm break of 1.1759 will confirm medium term bottoming, and open up stronger rise back to 55 week EMA (now at 1.2392).

Daily Pivots: (S1) 0.9857; (P) 0.9892; (R1) 0.9943; More...

Intraday bias in USD/CHF remains neutral and outlook is unchanged. Further rally will remain in favor as long as 0.9779 support holds. On the upside, break of 1.0146 will resume larger up trend to 1.0283 projection level. However, firm break of 0.9779 will be a sign of reversal, and bring deeper decline back to 0.9478 support instead.

In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9779 support holds, even in case of deep pull back.

The S&P 500 softened as the US GDP beat expectations in Q3. A close above October’s high at 3800 prompted sellers to cover, easing the pressure on the index. The support-turned-resistance at 3900 is a major hurdle and its breach could trigger a bounce back to 4100. However, the RSI’s repeatedly overbought condition caused a pullback as buyers started to take some chips off the table. 3730 is a key area to expect follow-up interests. Otherwise, the index could be vulnerable to a correction towards 3640.

The Japanese yen weakens as the BoJ maintains its ultra low rates. The RSI’s double top in the overbought area on the daily chart was a strong sign of overextension. A sharp fall below 150.00 has triggered a wave of liquidation. Now that short-term leveraged buyers are out of the picture, the pair is looking for an area of accumulation as medium-term sentiment remains bullish. 145.00 near the consolidation back in early October is a key support. 147.30 is the first resistance and its breach could help the greenback recover.