- here is little in the way of key data this week, with Retail Sales
on Friday and CPI next Tuesday (December 15), the last major data points
ahead of next Wednesday’s FOMC meeting. If risk appetite remains on an
even keel, the greenback may bounce back further.
EUR: Was last week mostly a short-term positioning train wreck? If risk appetite stays on an even keel, EURUSD could go from panic to utter quiet until next week – but we're watching the 1.10-1.11 resistance area in EURUSD as the key range resistance.JPY: USDJPY is staying in the range, though bulls getting a bit more interested here after Friday’s bounce-back keeps us close to the upside break area at 123.75 this week.GBP: GBPUSD trading back above the old lows perhaps speaks to over-exuberance in EURGBP trading and some spillover into other GBP pairs. But we’ll have to take what the market give us, so we’ll watch whether the bullish GBPUSD reversal leads to anything, while preferring to wait for bearish developments to put the view back lower, starting with a decline back below 1.5000.CHF: The SNB meeting this week is the chief focus homing in on the 1.0800-1.0900 range in EURCHF, just as USDCHF needs to find support without diving below the 0.9800-0.9900 zone.AUD: The upside break level in AUDUSD remains in play (0.7350-0.7375 zone) this week unl