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U.S.-based stock funds suffered the most outflows since late July as U.S. lawmakers inched ahead in talks to avert the “fiscal cliff” of tax hikes and spending cuts set to occur in January, data from Thomson Reuters’ Lipper service showed on Friday.

European banks have asked the European Commission to postpone the introduction of tougher global bank capital rules by a year to 2014 after U.S. regulators delayed application of the new requirements.

U.S. stocks rose for a fifth day during a holiday-shortened, thinly traded session on Friday as investors picked up recently beaten-down shares of large technology companies.

European equities inched lower following last week’s strong rally in morning trade on Monday while the euro hovered near a one-month peak against the dollar as investors awaited the outcome of talks to provide a new tranche of emergency loans to Greece.

Euro zone finance ministers and the International Monetary Fund will seek to unfreeze the second bailout package for Greece on Monday, but they first need to agree if some of the official loans to Athens might eventually be forgiven to cut Greek debt.

Economist and Hedge Fund Manager Shayne Heffernan of www.livetradingnews.com takes a look at EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, USD/CAD

EUR/USD intraday: bullish bias above 1.2895

Pivot: 1.2895.
Our preference: LONG positions @ 1.2905 with 1.2995 & 1.3015 as next targets.
Alternative scenario: The downside penetration of 1.2895 will call for a slide towards 1.2865 & 1.284.
Comment: the pair stands above its support and remains on the upside.

Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

GBP/USD intraday: bullish bias above 1.5975 Pivot: 1.5975. Our preference: LONG positions @ 1.5985 with 1.605 & 1.608 in sight. Alternative scenario: The downside penetration of 1.5975 will call for 1.595 & 1.5925. Comment: the pair is facing a pull back ahead of further advance. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

USD/CAD intraday: key ST resistance at 0.9955. Pivot: 0.9955 Our preference: Short positions below 0.9955 with targets @ 0.991 & 0.988 in extension. Alternative scenario: Above 0.9955 look for further upside with 0.9985 & 1 as targets. Comment: a break below 0.991 would trigger a drop towards 0.988. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

USD/JPY intraday: under pressure. Pivot: 82.60. Our preference: SHORT positions below 82.6 with 82 & 81.75 in sight. Alternative scenario: The upside penetration of 82.6 will call for 82.85 & 83. Comment: the pair stands below its new resistance and remains under pressure. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

AUD/USD intraday: bullish bias above 1.0415. Pivot: 1.0415 Our preference: Long positions above 1.0415 with targets @ 1.049 & 1.052 in extension. Alternative scenario: Below 1.0415 look for further downside with 1.037 & 1.035 as targets. Comment: the break above 1.0415 is a positive signal that has opened a path to 1.049. Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

USD/CHF intraday: under pressure.

Pivot: 0.9330.
Our preference: SHORT positions below 0.933 with 0.926 & 0.924 in sight.
Alternative scenario: The upside penetration of 0.933 will call for a rebound towards 0.936 & 0.9375.
Comment: the pair stands below its resistance and remains under pressure.

Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced