Bulls vs Bears... pre-Europe thoughts

Pockets of Battles are being fought at key levels. How the S&P500 closes tonight, after NY close, could decide which way this battle would proceed next week.

Chart Analysis

Aud/Usd - (Daily) the pair has cleared Resistance cluster around the 1.0380/1.04 area where we have the 200SMA, 100SMA, 20SMA, previous trend support and recent channel top. From here, expectations are for a move up. Probably towards 1.0560/1.06 where we have the 50SMA and previous range support now turned resistance.

Eur/Usd - (Daily) 1.32 is still the price to watch. The pair is still probing key resistance near 1.32 where we have the 50SMA, 20SMA and previous trend support now turned resistance. A break and close above is likely, which would be in line with the Aussie's break above resistance and the S&P500's overnight break above the 1380/1386 level. The underlying Euro weakness coupled with a lack of strong fundamental catalyst could be holding this pair down for now. If the break does happen, next key resistance would probably be 1.34 then the 200SMA which comes in around 1.3530

Gbp/Usd - (Daily) I have finally got an Elliott Wave count which I am comfortable with for this pair. Take note of the Rising Wedge and Confluence of Resistance in my chart. I expect a move up to at least close to 1.62 for this pair over the coming sessions. The Sterling is mirroring the Euro's price action and like the Euro, a move up from here is preferred.

Usd/Jpy - (Daily) I expect the Japanese Yen to strengthen, which mean Usd/Jpy is expected to retrace probably towards the 79.50 area for now. Wave count suggests a possible 2nd wave in progress. I am expecting a zig-zag correction down towards the levels shown in my chart.

and Last but not least, Eur/Chf - a raise of the 1.20 floor is expected. Question is when? My reason, the SNB will have to do something drastic to convince the speculators to look the other way instead of trying to test their(SNB's) resolve to maintain the 1.20 floor. The SNB is currently caught between a rock and a hard place and they need to create some breathing space for themselves for their own good. This is not a permanent solution but it looks necessary at this point. Even at 1.20 the Swiss Franc is overvalued.

Share your thoughts about this analysis if any... Happy Friday the 13th :)