In a final hour maneuver, Congressional leaders brokered a deal that will allow the US economy to avert the Fiscal Cliff and alleviate pressure on the financial markets. The passage is being considered by some to be a victory for US President Barack Obama. But, by others, it shifts the focus to mid February when discussions are likely to begin over the impending debt ceiling.
With the bill set to be signed into law by US President Barack Obama, focus has now shifted to the impending debt ceiling debate – likely to begin in mid-February. The concern remains over the fact that Democratic leaders will need to make further concessions on spending to Republicans in order to allow an extension of the $16.4 trillion ceiling. An inability to do so would plunge the government into a plausible shutdown. This will likely include cutbacks in entitlement spending and other programs in order to equalize Republican concessions for the Fiscal Cliff deal.-FXstreet.com
Upwards scenario: Hourly chart correction is possible above the next resistance level at 1.3170 (R1). Next initial targets locate at 1.3189 (R2) and 1.3208 (R3). Downwards scenario: There's a negative bias that pressures our next support level at 1.3121 (S1). Loss here might enable further market downgrade towards to expected targets at 1.3104 (S2) and 1.3086 (S3).
Resistance Levels: 1.3170, 1.3189, 1.3208
Support Levels: 1.3121, 1.3104, 1.3086
GBPUSD
HIGH1.62551
LOW1.62014
BID1.62219
ASK1.62231
CHANGE-0.19%
TIME07:48:14
OUTLOOK SUMMARY
Down
TREND CONDITION
Downward
penetration
TRADERS SENTIMENT
Bearish
IMPLIED VOLATILITY
High
Upwards scenario: Our next resistance level is placed at 1.6258 (R1). Progress above it might enable next step of uptrend development and expose our targets at 1.6277 (R2) and 1.6295 (R3). Downwards scenario: Retracement development is limited to the next support level at 1.6201 (S1). Clearance here might change trader’s sentiment to bearish and open road towards to next targets, located at 1.6183 (S2) and 1.6164 (S3).
Resistance Levels: 1.6258, 1.6277, 1.6295
Support Levels: 1.6201, 1.6183, 1.6164
USDJPY
HIGH87.356
LOW87.092
BID87.264
ASK87.269
CHANGE-0.08%
TIME07:48:15
OUTLOOK SUMMARY
Up
TREND CONDITION
Up
trend
TRADERS SENTIMENT
Bearish
IMPLIED VOLATILITY
Medium
Upwards scenario: Market remains bullish oriented and next hurdle lies above the local high at 87.39 (R1).If the break occurs above it, next attractive level could be found 87.59 (R2) and any further rise would then be limited to 87.80 (R3). Downwards scenario: After the appreciation, provided yesterday price is stabilized and correction forces are possible below the support level at 86.96 (S1). Clearance here would suggest next target at 86.75 (S2). If the price holds its momentum on the downside we suggest final target for today at 86.55 (S3).
Resistance Levels: 87.39, 87.59, 87.80
Support Levels: 86.96, 86.75, 86.55
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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