Fundamental Analysis:

The dollar held on to broad gains on Thursday, the last trading day of 2015, despite the release of disappointing U.S. economic data. With the first U.S. rate hike since 2006 out of the way, the focus is now on the pace of future rate increases. The Fed, from its forecasts, is anticipating four rate hikes next year.

Technical Analysis:

Initial bias this week stays on the upside with 21 and 55 EMA on the 4-hours time-frame crossed to the north, more rise is to be seen in the pair. Also SSRC oscillator shows more buying momentum is building up and am expecting further rise to 1.03265 resistance.

However on the downside a break of 0.9785 low will dampen the bullish picture and turn weekly bias neutral.


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