CZECHIA: Flash January CPI Due Shortly Ahead Of CNB Rate Decision

• The Dollar was mostly in the red against G10s, and is the early mover going into the European session, testing intraday lows against KRW, HKD, PLN, SGD, SEK, AUD, MYR, CHF, EUR, GBP, and starting to see some small offers emerging against the NOK.
• The Kiwi is the best performer up 0.41%, but despite the offered Dollar, most Pairs/Crosses still trade within Ranges.
• As such the NZDUSD is still short of Yesterday's peak of 0.5685, but the more interesting area is at 0.5718, this is not a Tech level but where it was exchanging hands pre the Hawk FOMC on the 18th December.
• The AUDUSD saw that FOMC reversal Yesterday, was trading circa 0.6305 pre Fed meeting, printed a 0.6302 high Yesterday just ahead of the small resistance at 0.6308.
• For the likes of the EUR, EURUSD would need a jump back to 1.0487 to unwind the initial post FOMC sell off.

• RES 4: 166.53 2.0% 10-dma envelope
• RES 3: 166.10 High Nov 6  
• RES 2: 165.04 High Nov 15 and a key short-term resistance
• RES 1: 164.40 Intraday high
• PRICE: 164.11 @ 07:19 GMT Jan 7 
• SUP 1: 162.46/160.91 20-day EMA / Low Jan 2    
• SUP 2: 160.54 50.0% retracement of the Dec 3 - 30 bull cycle   
• SUP 3: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle
• SUP 4: 158.67 Low Dec 11

EURJPY traded higher Monday but remains below the Dec 30 high. The recent move down appears corrective and a bullish S/T condition is intact. The next support to watch lies at 160.54, 50.0% of the Dec 3 - 30 bull cycle. The 61.8% level is at 159.51. Monday’s gains are a positive development, a resumption of the uptrend would open 165.04, the Nov 15 high. Clearance of this hurdle would expose 166.69, the Oct 31 high and a major resistance.