Daily F.X. Analysis, December 09– Top Trade Setups In Forex - Trader's Pricing In Positive U.S. NFP! 

On Monday, the market is trading with a bullish dollar sentiment in the wake of stronger U.S. labor market figures. The Non-Farm Employment Change for November showed growth to 266K from expected 181K and supported the U.S. dollar. 

The Unemployment Rate of the United States also declined in November to 3.5% from previous & expected 3.6% and added in support of the U.S. dollar.

Stronger than expected, U.S. economic data gave strength to the U.S. dollar on Friday against its rival currency Euro, which further added in the downward movement of EUR/USD pair. 

Economic Calendar - Low Impact Sentix Investor Confidence

BTC/USD - Daily Analysis

Bitcoin price is bestowing positive symptoms over the $7,400 resistance zone versus the US Dollar. The price is expected to clear the $7,560 and $7,600 resistances to stay higher.

There is a primary bullish trend line building with support around $7,490 on the hourly chart of the BTC/USD pair. The BTC/USD could rally once there is a definite close over $7,600 and $7,700 in the following days. 

Bitcoin price is consolidating in a bullish zone over $7,400 versus the US Dollar. BTC is expected to test the $8,000 resistance as long as it is over the $7,160 swing low.

BTC/USD - Daily Technical Levels

Support       Resistance 

7,383.18       7,703.07

7,187.84       7,827.62

6,867.95       8,147.51

Pivot Point 7,507.73

BTC/USD – Daily Forecast

The BTC/USD has violated a narrow trading range of 7400 - 7300. The pair was trading sideways on Friday has traders eye NFP figures. The current week has opened with a bullish bias as the BTC/USD crossed above 7400 resistance level to trade around 7500. 

For now, the pair may find support above 7450 levels along with resistance at 7,580 and 7,685.

EUR/USD – Sentix Investor Confidence Ahead

The EUR/USD closed at 1.10595 after placing a high of 1.11097 and low of 1.10396. Overall the movement for pair remained bearish that day. At 12:00 GMT, the German Industrial Production for October showed a decline in activity with -1.7% against the expectations of growth of 0.1% and weighed heavily on the single currency – Euro. At 12:45 GMT, the French Trade Balance came in as -4.7B against the expectations of -4.8B. 

At 14:00 GMT, the Italian Retail Sales also dropped to -0.2% from the predicted 0.5% and weighed on single currency Euro. Weaker than expected economic data from Eurozone put pressure on EUR/USD pair on Friday and caused it to move in a bearish trend.

After the release of economic data from the American side, the pressure was added on the pair EUR/USD because of influential labor market figures. An 18:30 GMT, the Non-Farm Employment Change for November showed growth to 266K from expected 181K and supported the U.S. dollar. 

The Unemployment Rate of the United States also declined in November to 3.5% from previous & expected 3.6% and added in support of the U.S. dollar.

Stronger than expected, U.S. economic data gave strength to the U.S. dollar on Friday against its rival currency Euro, which further added in the downward movement of EUR/USD pair. The exchange rate EUR/USD was dropped near 1.1039 level at the ending day of the week and gave most of the gains it collected throughout the week.

EUR/USD - Daily Technical Levels

Support Resistance 

1.1031        1.1101

1.1               1.1141

1.093         1.1211

Pivot Point 1.107

EUR/USD – Daily Forecast

The EUR/USD has completed the 50% Fibonacci retracement around 1.1050 level on the 4-hour chart. At the same level, the pair is getting support by the 50 periods EMA which is likely to push the pair higher towards 1.1075 pivot point level. 

The RSI is holding in an oversold zone, suggesting the chances of a bullish reversal in the EUR/USD. The crossing of 1.1075 can opens up further room for buying until 1.1110 today. 

GBP/USD - Stronger Dollar Sentiment in Play! 

The GBP/USD pair closed at 1.31340 after placing a high of 1.31553 and a low of 1.31002. Overall the movement of pair GBP/USD remained bearish that day. At 13:30 GMT, the Halifax Housing Price Index from the United Kingdom was released for November and supported single currency – Pound when came in as 1.0% against the expectations of 0.2%.

Stronger than expected British Housing Price Index gave strength to Sterling and caused the movement of pair GBP/USD in an upward direction at the starting session of Friday. But the pair started to move in the opposite direction after the release of economic data from the United States.

The Non-Farm payrolls and Unemployment Rate of the U.S. came in favor of the U.S. dollar on Friday and supported the greenback. Job reports showed an increase of 266K, and the Unemployment rate showed a decline to 3.5% in November. On the news front, the two men standing as a candidate for Prime Minister in the U.K. election went head-to-head on Friday before the U.K. goes to the polls on December 12. 

PM Boris Johnson repeated him "get Brexit done" campaign in his early rounds of debate with opposition leader Corbyn who hammered points on National health Service & the integrity of the Conservative Party.

Six days before U.K. elections, the debate was the last chance for Corbyn to squeeze Johnson's lead in the polls, which mostly point to the victory for PM. The debate was much more than only Brexit and included the issues of security of law & order and the issues of anti-Semitism.

Corbyn attacked Johnson by calling his promises to leave E.U. by the end of January as fraud and said that his Brexit deal would simply be the start of years of painful negotiations and broken promises.

He also released a leaked government document that showed the divorce deal would lead to customs declarations and security checks between Britain & Northern Ireland, which contrasted with Johnson's statements that he would not create any barriers between province & the mainland.

Corbyn added that there would be other secret reports like this one in each government department, which would reveal the disastrous impact of a damaging deal proposed by PM Johnson.

However, Johnson, in response, called that document "complete nonsense." The debate campaign weighed slightly on the GBP/USD on Friday and added in the pressure, which was caused by a strong U.S. dollar. The pair dropped to 1.3100 level at the ending day of week ahead U.K. elections.

GBP/USD - Daily Technical Levels

Support Resistance 

1.3103       1.3168

1.3069      1.32

1.3004      1.3265

Pivot Point 1.3134

GBP/USD – Daily Forecast

The GBPUSD came under pressure due to positive NFP data, which has lowered the Fed rate cut sentiments. The GBP/USD is trading at 1.3145 level, above the 50 periods EMA level, which is supporting the pair around 1.3125. The GBP/USD has an immediate resistance at 1.3165, and below this, GBP/USD can drop until 1.3113 and 1.3075 level.

All the best for today.