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[B]Bias: [/B] This certainly still looks bearish

The breach of the 0.9547-62 area came quite quickly yesterday with extension being seen to the 0.9501 low. The cap at 0.9537 was perfect and should extend losses below 0.9501 and also below 0.9462 into the 0.9413-44 area.
Look for bullish trade set ups here for a correction to the decline from 0.9719. The correction should last over the Xmas period but then extend losses again next week where I have two possible targets - around 0.9374 or even as low as 0.9320. If this new low develops with a daily bullish divergence take heed as the implication will be for a solid rally...

Assuming I am correct about the losses to 0.9413-44 then the correction could retrace ...

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Market Review - 22/12/2010 21:21 GMT

Euro falls to record low against Swiss franc on European debt worries

Euro initially rose to 1.3183 in European morning on Wednesday after Reuters quoted the Jornal de Negocios daily newspaper that China would be ready to buy 4-5 billion euros of Portuguese sovereign debt, however, the single currency retreated from there and later tumbled to 1.3078 in NY afternoon as traders continued to seek safety from the eurozone's sovereign debt crisis and sold the euro for the Swiss franc. Eur/chf slumped to a fresh record low of 1.2440 while eur/jpy tumbled from 110.13 to 109.20

The greenback briefly rose to 83.86 against the Japanese yen in Asian morning but the ...

Welcome to the FXReturn.com London Forex Market Call for December 23rd.,2010. GBP/USD: Closes on the lows for the 4th. consecutive session as traders have 1.5245 in their crosshairs. A close above 1.5483 will spark a rally into pivot resistance at 1.5909. Technicals remain negative indicating more downside pressure is on the horizon | GOLD: Light trading activity keeps Gold in a tight range. A close above $1400.00 will spark a rally into $1430.9. A close below $1384.00 will encourage selling down to pivot support at 1360.8. Technicals remain positive creating bullish overtones | DailyFX Forum visitors can sign up for our FREE Live Interactive Webinars and Live Trading Room at FXReturn.com as well as review our latest TON: Trade On News Plans ...

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