Negotiations between the Democrats and Republicans on deficit-cutting measures aimed at avoiding the so-called fiscal cliff fell apart last Friday, after House Speaker John Boehner failed to bring his 'Plan B' bill to a vote. US lawmakers have now just one week left to reach an agreement; otherwise a combination of automatic tax increases and spending cuts will be triggered on January 1.
If the Democrats and the Republicans manage to strike a deal on time, it will not only help to avert the fiscal cliff but will also prevent the Fitch rating agency from carrying out its threat, articulated last Wednesday, of cutting the US rating.President Barack Obama's offer consists of raising 1.2 trillion dollars in revenue through taxing households with an income exceeding 400.000 dollars per year. His plan includes 400 billion dollars in health care savings. After twenty-one House of Representatives members rejected on Friday Boehner's “Plan B”, anticipating higher taxes for people earning more than 1 million dollars annually, the negotiations disintegrated and the were finally adjourned until after Christmas.- FXstreet.com
2012-12-27 07:00 GMT
Switzerland. UBS Consumption Indicator (Nov)
2012-12-27 09:30 GMT
United Kingdom. BBA Mortgage Approvals (Nov)
2012-12-27 15:00 GMT
United States. Consumer Confidence (Nov)
2012-12-27 23:30 GMT
Japan. National Consumer Price Index (YoY) (Nov)
2012-12-27 05:38 GMT
EUR/USD climbs above 1.32, waiting for 'fiscal cliff' below 1.3250
Upwards scenario: The pair is attempting to move higher, supported by both moving averages. Our next resistance level stay at 1.3246 (R1). Break here might continue medium-term positive bias and expose our targets at 1.3260 (R2) and 1.3274 (R3). Downwards scenario: A failure to clear next resistance barrier could open the way towards the initial support level at 1.3215 (S1). Loss here might take the pair towards to eventual targets, located at 1.3201 (S2) and 1.3187 (S3) in potential.
Resistance Levels: 1.3246, 1.3260, 1.3274
Support Levels: 1.3215, 1.3201, 1.3187
GBPUSD
HIGH1.61406
LOW1.6124
BID1.61365
ASK1.61376
CHANGE-0.01%
TIME08:00:24
OUTLOOK SUMMARY
Down
TREND CONDITION
Upward
penetration
TRADERS SENTIMENT
Bullish
IMPLIED VOLATILITY
Medium
Upwards scenario: Instrument stabilized after the downtrend formation and possibility of correction is high. If it manages to overcome resistance at 1.6143 (R1), we would suggest next targets at 1.6154 (R2) and 1.6165 (R3) in perspective. Downwards scenario: Price depreciation below the support at 1.6123 (S1) level might likely push the pair toward the second target at 1.6112 (S2) and any further market decline would then be limited to support at 1.6102 (S3) price.
Resistance Levels: 1.6143, 1.6154, 1.6165
Support Levels: 1.6123, 1.6112, 1.6102
USDJPY
HIGH85.87
LOW85.476
BID85.784
ASK85.788
CHANGE0.21%
TIME08:00:25
OUTLOOK SUMMARY
Up
TREND CONDITION
Up
trend
TRADERS SENTIMENT
Bearish
IMPLIED VOLATILITY
Medium
Upwards scenario: On USDJPY market remains to be traded in uptrend formation. Upside direction is limited today to next resistance level 85.93 (R1), break here would enable higher targets at 86.10 (R2) and 86.28 (R3) in potential. Downwards scenario: Important support level locates at 85.61 (S1). Successful retest here would open route towards to next target at 85.44 (S2) and any further decline would then be limited to final support at 85.25 (S3).
Resistance Levels: 85.93, 86.10, 86.28
Support Levels: 85.61, 85.44, 85.25
Disclaimer
The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities.
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