Weekly Technical Analysis For December 6th to 10th, 2021

All Eyes Will Be On US CPI Inflation This Week

EUR/USD: The continued spread of the Omicron coronavirus variant globally has buoyed safe-havens like the dollar and put pressure on riskier currencies over the past week.

Last Friday,  the Non-Farm Payrolls showed that the US economy added just 210,000 jobs in November, the unemployment rate dropped to 4.2%, its lowest since February 2020, and wages increased.

Moreover, Fed Chairman Powell said the Fed will likely discuss a faster wind-down of its stimulus program in its meeting later this month, adding to speculation that interest rate hikes would also be brought forward.

In the upcoming week, the U.S. consumer price index will release Friday.

US Consumer prices are expected to have risen 0.7% last month and 6.7% over the prior year, according to estimates. Excluding the cost of food and fuel, core inflation is projected to be 4.9% on a year-over-year basis.

We will also closely watch the US Michigan Consumer Sentiment on Friday. The data is expected to ease to 67.0 from 67.4

Moreover, the Eurozone GDP number will be published on Tuesday. Economists predict that Q3 GDP growth is at 3.7% annualized.

The EURUSD pair closed last week above 1.1307 main level. As long as the pair trades above  1.1307, on a four-hourly basis, we will face 1.1365 as the resistance level. On the upside, if the price drops below 1.1307, the next support level will be at 1.1237

Support: 1.1307 - 1.1237

Resistance: 1.1365 - 1.1421

GBP/USD: Keep your eye on UK October GDP data on Friday. The data is expected to remain steady as workers gradually returned to offices and retail rales remained solid. 

Focus on the 1.3231 key resistance level in the GBPUSD pair. As long as the GBPUSD pair stays below 1.3231, on a four-hourly basis, we will follow the 1.3136 support level. Otherwise, if the price goes beyond 1.3313, the next resistance level will be at 1.3392.

Support : 1.3136 - 1.3046 - 1.2947 

Resistance : 1.3231 - 1.3313 1.3392

USD/CHF: Pay attention to the 0.9186 main resistance level in the USDCHF pair. As long as the pair stays below 0.9186 on a four hourly basis, we will see support level at 0.9130. On the other hand, If the pair drops below 0.9164, the next resistance level will be at 0.9322

Support: 0.9130 - 0.9064 - 0.9002

Resistance: 0.9186 - 0.9322 - 0.9437

GOLD: The GOLD price closed last week below the 1785 key resistance level. As long as the price stays below 1785, on a four-hourly basis, we will see the daily support level at 1763. On the upside, if the price moves up above 1785, the next support level will be at 1805.

Support: 1763 - 1745 - 1736

Resistance: 1785 - 1805 - 1829

05 Dec 21 (Sun)

10:08 pm


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