CURRENCIES: The December Euro currency closed down 43 points at 1.3525 Wednesday. Prices closed nearer the session low Wednesday. Bulls still have the near-term technical advantage. Euro bulls’ next upside price breakout objective is pushing and closing prices above solid technical resistance at the contract high of 1.3717. The next downside price breakout objective for the bears is closing prices below solid chart support at 1.3500. First resistance for the Euro lies at this week’s high of 1.3611 and then at last week’s high of 1.3649. Next support is seen at Wednesday’s low of 1.3488 and then at 1.3458. Wyckoff’s Market Rating: 7.5
The December Japanese yen closed down 42 points at 1.0274 Wednesday. Prices closed nearer the session low Wednesday and saw profit taking after hitting a two-month high Tuesday. Bulls still have the near-term technical advantage. A four-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid resistance at the August high of 1.0442. Bears’ next downside breakout objective is closing prices below solid technical support at 1.0037. First resistance is seen at Wednesday’s high of 1.0333 and then at this week’s high of 1.0357. First support is seen at Wednesday’s low of 1.0245 and then at 1.0200. Wyckoff’s Market Rating: 6.0.
The December Swiss franc closed down 72 points at 1.0991 Wednesday. Prices closed nearer the session low Wednesday and scored a bearish “outside day” down on the daily bar chart.The bulls have the near-term technical advantage. The next upside price breakout objective for the bulls is closing prices above solid resistance at last week’s contract high of 1.1158. The next downside price breakout objective for the bears is closing prices below solid technical support at 1.0850. First resistance is seen at 1.1050 and then at Wednesday’s high of 1.1100. First support is seen at Wednesday’s low of 1.0963 and then at 1.0938. Wyckoff’s Market Rating: 7.0.
The December Australian dollar closed up 17 points at .9401 Wednesday. Prices closed near mid-range. The bulls and bears are on a level near-term technical playing. Bulls’ next upside price breakout objective is closing prices above solid chart resistance at the September high of .9476. The next downside breakout objective for the bears is to produce a close below solid technical support at .9150. First resistance is seen at this week’s high of .9441 and then at .9476. Next support is seen at this week’s low of .9345 and then at .9300. Wyckoff’s Market Rating: 5.0
The December Canadian dollar closed down 15 points at .9607 Wednesday. Prices closed nearer the session low Wednesday and hit another fresh four-week low. Bears have the slight near-term technical advantage. Bulls’ next upside price breakout objective is producing a close above chart resistance at last week’s high of .9725. The next downside price breakout objective for the bears is closing prices below solid technical support at .9550. First resistance is seen at Wednesday’s high of .9642 and then at .9685. First support is seen at Wednesday’s low of .9592 and then at .9550. Wyckoff’s Market Rating: 4.5.
The December British pound closed down 126 points at 1.5947 Wednesday. Prices closed nearer the session low and hit a fresh three-week low Wednesday. Bulls still have the overall near-term technical advantage but faded Wednesday. A three-month-old uptrend on the daily bar chart was at least temporarily negated Wednesday. The next upside price breakout objective for the bulls is closing prices above solid technical resistance at the contract high of 1.6264. Bears’ next downside technical breakout objective is closing prices below solid support at 1.5800. First resistance is seen at 1.6000 and then at 1.6100. First support is seen at Wednesday’s low of 1.5909 and then at 1.5850. Wyckoff’s Market Rating: 6.5.
The December U.S. dollar index closed up 0.328 at 80.460 Wednesday. Prices closed near mid-range and hit a fresh three-week high on short covering in a bear market. The bears still have the overall near-term technical advantage. The bulls’ next upside price breakout objective is to close prices above solid technical resistance at 81.500. The next downside price breakout objective for the bears is to produce a close below solid technical support at the February low of 79.665. Next resistance lies at Wednesday’s high of 80.865 and then at 81.000. First support is seen at 80.000 and then at last week’s low of 79.720. Wyckoff’s Market Rating: 2.5.
