Wednesday, December 10, 2025
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Market Comment
Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks closed lower, with the S&P 500 dipping 23 points (-0.35%) to 6,846, and the Nasdaq 100 down 64 points (-0.25%) to 25,627.

The Dow Jones Industrial Average dropped 215 points (-0.45%) to 47,739.

Investors appeared cautious ahead of the Federal Reserve’s interest-rate decision due Wednesday.

Paramount Skydance Corporation (PSKY) jumped 9.02%. The media and entertainment company initiated a hostile takeover bid worth 108.4 billion dollars for the whole of Warner Bros Discovery (WBD), one day after Netflix (NFLX) agreed to buy Warner’s major assets.

Warner Bros Discovery (WBD) rose 4.41%, while Netflix (NFLX) fell 3.44%.

Nvidia (NVDA) closed 1.72% higher. In after-market hours, U.S. President Donald Trump said the chip-maker could export its H200 artificial intelligence chips to China.

Advanced Micro Devices (AMD) gained 1.44%, Micron Technology (MU) was up 4.09%, while Intel (INTC) retreated 2.68%.

Tesla (TSLA) declined 3.39%. The electric-vehicle maker was downgraded to "equal-weight" from "overweight" by Morgan Stanley.

The U.S. 10-year yield climbed further to 4.170%, extending its rally to a third session.

In Europe, the DAX 40 edged up 0.07%, while the CAC 40 dipped 0.08%, and the FTSE 100 fell 0.23%.

Gold price lacked upward momentum, easing 7 dollars to 4,190 dollars an ounce.

U.S. WTI crude futures dropped 1.20 dollars (-2.00%) to 58.88 dollars a barrel.


Market Wrap: Forex

The U.S. dollar was stable, with the dollar index edged up to 99.10.

EUR/USD dipped 7 pips to 1.1635. Germany's industrial production grew 1.8% month on month in October (vs +1.3% in September).

USD/JPY rose 60 pips to 155.94. A magnitude 7.5 earthquake struck northern Japan at night time on Monday.

GBP/USD slipped 9 pips to 1.3320.

AUD/USD declined 14 pips to 0.6623.

USD/CHF rose 24 pips to 0.8068, and USD/CAD advanced 39 pips to 1.3854.

Bitcoin struck 92,000 dollars on the upside before retreating.


Morning Trading

In Asian trading hours, AUD/USD was largely flat at 0.6620.

As expected, Australia's central bank kept its key interest rate unchanged at 3.60%.

USD/JPY dipped to 155.85 after a magnitude 7.5 earthquake struck northern Japan overnight.

Meanwhile, EUR/USD was stable at 1.1645, and GBP/USD traded slightly higer to 1.3348.

Gold was little changed at 4,192 dollars an ounce.

Bitcoin eased further, testing support at the level of 90,000 dollars.


Expected Today

Germany's industrial production is expected to grow 0.9% month on month in October.

The latest U.S. job openings may amount to 7 million.
Forex Last %1D %YTD
EUR/USD 1.1644 0.07 12.39
USD/JPY 156.07 0.10 -0.80
GBP/USD 1.3326 0.07 6.44
Commodities Last %1D %YTD
Gold 4,175.5900 -0.31 59.64
Silver 57.8700 -0.44 101.31
Crude Oil 58.6300 -0.42 -18.24
EUR/USD Intraday: watch 1.1615. Next
Pivot: 1.1640

Our preference: short positions below 1.1640 with targets at 1.1615 & 1.1600 in extension.

Alternative scenario: above 1.1640 look for further upside with 1.1655 & 1.1670 as targets.

Comment: a break below 1.1615 would trigger a drop towards 1.1600.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
EUR/JPY intraday : as long as 181.98 is support look for 183.29 Previous  | Next
Our pivot point is at 181.98.

Our preference: as long as 181.98 is support look for 183.29

Alternative scenario: below 181.98, expect 181.53 and 181.26.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 182.33 and 181.93).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/USD Intraday: 1.3280 expected. Previous  | Next
Pivot: 1.3330

Our preference: short positions below 1.3330 with targets at 1.3280 & 1.3255 in extension.

Alternative scenario: above 1.3330 look for further upside with 1.3355 & 1.3380 as targets.

Comment: a break below 1.3280 would trigger a drop towards 1.3255.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/JPY intraday : as long as 208.08 is support look for 209.84 Previous  | Next
Our pivot point is at 208.08.

Our preference: as long as 208.08 is support look for 209.84

Alternative scenario: below 208.08, expect 207.45 and 207.06.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Moreover, the price is below its 20 period moving average (208.60) but above its 50 period moving average (208.23).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/JPY Intraday: the upside prevails. Previous  | Next
Pivot: 156.20

Our preference: long positions above 156.20 with targets at 157.20 & 157.55 in extension.

Alternative scenario: below 156.20 look for further downside with 155.85 & 155.45 as targets.

Comment: the break above 156.20 is a positive signal that has opened a path to 157.20.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/CAD Intraday: bullish bias above 1.3820. Previous  | Next
Pivot: 1.3820

Our preference: long positions above 1.3820 with targets at 1.3865 & 1.3885 in extension.

Alternative scenario: below 1.3820 look for further downside with 1.3800 & 1.3775 as targets.

Comment: a support base at 1.3820 has formed and has allowed for a temporary stabilisation.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Crude Oil (WTI) (F6) Intraday: aim @ 58.00. Previous  | Next
Pivot: 58.60

Our preference: short positions below 58.60 with targets at 58.00 & 57.70 in extension.

Alternative scenario: above 58.60 look for further upside with 58.90 & 59.15 as targets.

Comment: the break below 58.60 is a negative signal that has opened a path to 58.00.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Brent (ICE) (G6) Intraday: key resistance at 62.40. Previous  | Next
Pivot: 62.40

Our preference: short positions below 62.40 with targets at 61.80 & 61.50 in extension.

Alternative scenario: above 62.40 look for further upside with 62.75 & 63.15 as targets.

Comment: as long as the resistance at 62.40 is not surpassed, the risk of the break below 61.80 remains high.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Dow Jones (CME) (Z5) Intraday: under pressure. Previous  | Next
Pivot: 47740

Our preference: short positions below 47740 with targets at 47530 & 47430 in extension.

Alternative scenario: above 47740 look for further upside with 47850 & 47970 as targets.

Comment: the RSI is below its neutrality area at 50%

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Gold Intraday: bounce. Previous 
Pivot: 4191

Our preference: long positions above 4191 with targets at 4231 & 4246 in extension.

Alternative scenario: below 4191 look for further downside with 4174 & 4162 as targets.

Comment: the RSI is above its neutrality area at 50%.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

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