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Welcome to the FXReturn.com London Forex Market Call for December 7th.,2010. GBP/USD: Closes mid-range with an upside bias as the market made an attempt to challenge the 1.5800 handle. A close above 1.5800 will spark a rally into the October high at 1.6104. Consecutive closes below 1.5717 will encourage selling down to pivot support at 1.5483. Technicals remain positive | GOLD: Closes near the highs of the session as the market challenges the all time high at $1423.7. A close above $1425.00 will create more technical buying into the $1450.00 region. Near term support resides at $1400.00. Technicals remain positive and the funds are net long which is adding further support to the market | DailyFX Forum visitors can sign up for our FREE Live ...

My bias on the Gbpcad is to the upside, simply because of the signs on the signs that are indicating that the weekly range support might be holding. However, I will examine the lay out my trading plan for both bullish and bearish trading opportunities, should they play out. First, in reference to the weekly chart, the close presents a doji with an extremely long wick to the downside. This closed just above the support of the range, indicating rejection of lower prices due to significant support at the 1.5785 area. The daily timeframe does show an impressive bearish close below this level, but that bar was immediately overshadowed by a bullish one which closed just below the rising trendline, as well as the range support.

Trading ...

It’s silent time in the market and we had got many times today for doing other jobs.
CADCHF:
CADCHF is near the 0.9800 resistant area which is also 50% fibo retracement of last massive plunge:

As the market is silent so I’m sneaking to go short on this pair right at the resistant area.
GBPCHF:
GBPCHF is the same and it’s around 1.5450 S/R level and also bounced off the four hour trendline:

EURUSD:
And at last let’s have a laconic review on EURUSD:
Single currency is being played in a descending triangle:

Look for the break of the down bond to go short and you could scalp it and go short when it is near the upper bond.

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After touching the downtrend line from 1.4281 to 1.3785, EURUSD pulled back from 1.3437, suggesting that a cycle top is being formed on 4-hour chart. Key resistance is now at 1.3437, as long as this level holds, downtrend from 1.4281 is expected to continue and another fall to 1.2800 could be seen. However, a break above 1.3437 will indicate that lengthier consolidation of downtrend is underway, then further rise to 1.3600 could be seen.



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