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
