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After touching the upper border of the rising price channel on 4-hour chart, USDCHF pulled back from 1.0428. However, the fall is treated as consolidation of uptrend from 0.9959. As long as the channel support holds, one more rise towards 1.0500 is still possible after consolidation. Key support is located at 1.0345, below this level will indicate that a short term cycle top has been formed at 1.0428 level, and the rise from 0.9959 has completed.



Daily Forex Forecast

Welcome to the FXReturn.com London Forex Market Call for December 17th, 2009. GBP/USD:Traded above the 50% level at 1.6289 for most of the trading session and just came shy of our upside objective of 1.6430. 1.6289 is a very important level for the bulls. Prices need to trade above that level to move higher. Closes below will signal downside pressure to pivot support at 1.6111. GOLD: Rallied off the 50 day average. 1150 is the next upside objective. The Staff at FXReturn.com wishes you continued success and a happy holiday season. Visitors can sign up for our FREE Live Interactive Webinars and Live Trading Rooms at FXReturn.com. Please click the following link to view today's London Market Call:Created with Camtasia Studio 5

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Currency Pair Overview:

Weak Price Action, Post-FOMC Meeting

The market failed to pull any important breakouts in Wednesday trade, despite the report calendar being loaded with important reports. During the U.S. session, most of the trading was concentrated around the FOMC decision, which empowered the dollar bulls as the Fed acknowledged that the economy is recovering, which, in time, should puts upside pressure on the U.S. interest rates. However, despite some long spikes, the market has failed to move anywhere importantly during the FOMC decisions, with the major pairs turning around at the first intra-day swing point that they met.

The euro ...

So we’ve been harping on the rising concerns in Europe and what they may ultimately mean for the euro. But it’s clear that the worries are not confined to the EMU. Yesterday traders put a hurting on the Hungarian forint, the Polish zloty and the Czech koruna.

Yesterday’s move amounted to more than a 2% move in this pair, though so far this morning the forint is recovering some lost ground.

For Hungary in particular, there’s been a steady stream of bad news for their economy and recovery prospects. Adding to the weak fundamentals for the forint is the current stance by the country’s central bank. They are expected to cut rates yet again when they conclude a policy meeting this Friday. And there’s quite ...