EUR/USD

EURUSD

Moving sideways.

  • • EUR/USD has bounced near the support at 1.1262. However, the recent break of the hourly support at 1.1320 (16/02/2015 low) and the current lower highs below the hourly resistance at 1.1450 suggest a weakening momentum. Another support stands at 1.1098, while another resistance can be found at 1.1534.

  • In the longer term, the symmetrical triangle favours further weakness towards parity. As a result, any strength is likely to be temporary in nature. Key resistances stand at 1.1679 (21/01/2015 high) and 1.1871 (12/01/2015 high). Key supports can be found at 1.1000 (psychological support) and 1.0765 (03/09/2003 low).

Await fresh signal.


GBP/USD

GBPUSD

Challenging the resistance at 1.5486.

  • • GBP/USD is challenging the resistance at 1.5486. The short-term technical structure remains positive as long as the hourly support at 1.5317 holds. Another hourly support can be found at 1.5197. A key resistance stands at 1.5620.

  • In the longer term, the break of the key resistance at 1.5274 (06/01/2015 high) suggests renewed buying interest. Upside potentials are likely given by the resistances at 1.5620 (31/12/2014 high) and 1.5826 (27/11/2014 high). A strong support stands at 1.4814.

Await fresh signal.


USD/JPY

USDJPY

Improving.

  • USD/JPY is improving after its successful test of the support at 118.18. A break of the hourly resistance area between 119.42 (17/02/2015 high) and 119.60 (61.8% retracement) would open the way for a new move towards the key resistance at 120.83. An hourly support can be found at 118.74 (23/02/2015 low).

  • A long-term bullish bias is favoured as long as the key support 110.09 (01/10/2014 high) holds. Even if a medium-term consolidation is likely underway, there is no sign to suggest the end of the long-term bullish trend. A gradual rise towards the major resistance at 124.14 (22/06/2007 high) is favoured. A key support can be found at 115.57 (16/12/2014 low).

Await fresh signal.


USD/CHF

USDCHF

Monitor the resistance at 0.9554.

  •  USD/CHF is challenging the resistance at 0.9554. An hourly support lies at 0.9374 (20/02/2015 low, see also the short-term rising trendline). Another hourly support can be found at 0.9284 (16/02/2015 low).

  • Following the removal of the EUR/CHF floor, a major top has been formed at 1.0240. The break of the resistance implied by the 61.8% retracement of the sell-off suggests a strong buying interest. Other key resistances stand at 0.9554 (16/12/2014 low) and 0.9831 (25/12/2014 low). A key support can be found at 0.9170 (30/01/2015 low).

Await fresh signal.


USD/CAD

USDCAD

Improving.

  • USD/CAD continues to improve after its successful test of the key support area between 1.2352 (03/02/2015 low) and 1.2314, as can be seen by the break of the declining trendline. Another resistance can be found at 1.2698. An hourly support lies at 1.2501 (intraday low).

  • In the longer term, the technical structure looks like a rounding bottom whose maximum upside potential is given by the strong resistance at 1.3065 (09/03/2009 high). The recent weakness is seen as a medium-term corrective phase. Key supports stand at 1.2314 (22/01/2015 low) and 1.2047 (intraday low).

Await fresh signal.


AUD/USD

AUDUSD

Fading near the key resistance at 0.7876.

  • AUD/USD is weakening near the key resistance at 0.7876 (06/02/2015 high). The hourly support at 0.7757 (19/02/2015 low) is challenged. Another hourly support lies at 0.7724 (13/02/2015 low), while a key support stands at 0.7626.

  • In the long-term, there is no sign to suggest the end of the current downtrend. The break of the strong support area between 0.8067 (25/05/2010 low) and 0.7947 (61.8% retracement of the 2009-2011 rise) favours further weakness. A key support stands at 0.7451 (18/05/2009 low). A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

Await fresh signal.


GBP/JPY

GBPJPY

Pushing higher.

  • GBP/JPY has broken the key resistance area between 180.28 and 180.94, validating a bullish reversal pattern with an upside potential at 184.70. The current move to the upside out of the consolidation between the support at 181.54 and the resistance at 184.19 favours further short-term strength. Resistances stand at 184.96 and 187.80. An hourly support lies at 182.62 (23/02/2015 low).

  • In the long-term, the lack of any medium-term bearish reversal pattern favours a bullish bias. A support is given by the 200-day moving average (around 176.30), while a strong support area lies between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low). A strong resistances stands at 190.00 (psychological threshold).

Await fresh signal.


EUR/JPY

EURJPY

Monitor the support at 133.68/133.55.

  • EUR/JPY is moving is a short-term declining channel. Monitor the support at 133.68/133.55. Hourly resistances can be found at 136.24 (17/02/2015 high) and 136.70. Another support lies at 132.00.

  • In the longer term, the break of the strong support at 134.11 (20/11/2013 low) invalidates the long-term succession of higher lows. The resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. More sideways moves are now expected. A key support stands at 124.97 (13/06/2013 low), whereas key resistances can be found at 137.64 (20/01/2015 high) and 141.72 (08/01/2015 high).

Await fresh signal.


EUR/GBP

EURGBP

Making new lows.

  • EUR/GBP has moved below the support at 0.7392, confirming an underlying bearish trend. Hourly resistances can be found at 0.7429 (20/02/2015 high) and 0.7459 (09/02/2015 high).

  • In the long-term, the break of the major support area between 0.7755 (23/07/2012 low) and 0.7694 (20/10/2008 low) confirms an underlying downtrend. A key support can be found at 0.7089 (03/12/2007 low). A key resistance now lies at 0.7596 (16/01/2015 low).

Short 1 unit at 0.7563, Obj: Close remaining at 0.7260, Stop: 0.7473 (Entered: 2015-02-03)


EUR/CHF

EURCHF

Monitor the resistance at 1.0812.

  • EUR/CHF has recently weakened. However, prices remain thus far in their short-term rising channel. An hourly resistance lies at 1.0812, while a key resistance stands at 1.1002 (02/09/2011 low). Hourly supports can now be found at 1.0666 (20/02/2015 low) and 1.0618 (intraday low).

  • The EUR/CHF is again a free-floating currency and has declined to uncharted water. The break of the key resistance at 1.0600 indicates an improving buying interest. Another key resistance stands at 1.1002 (02/09/2011 low). However, the ECB's QE programme is likely to cause persistent selling pressures on EUR/CHF, which should weigh on EUR/CHF. A key support can be found at 1.0357 (30/01/2015 low).

Await fresh signal.


GOLD (in USD)

Gold

Continues to weaken.

  • Gold continues to decline. A support can be found at 1168 (02/01/2015 low). An hourly resistance lies at 1223 (19/02/2015 high). However, as long as prices remain below the resistance at 1246 (10/02/2015 high), the technical structure favour a bearish bias.

  • In the long-term, the break of strong resistance at 1255 (21/10/2014 high, see also the 200-day moving average) indicates an improving technical structure. However, the shape of this advance still looks like a countertrend move within an underlying downtrend (see declining channel). A key support stands at 1132 (07/11/2014 low).

Await fresh signal.


SILVER (in USD)

Silver

Remains weak.

  • Silver has broken the key support at 16.55, confirming deteriorations in the technical structure. Hourly resistances are given by 16.80 and by the declining trendline (around 17.00). An hourly support can be found at 16.11, while a key support stands at 15.53.

  • In the long-term, the break of the major support area between 18.64 (30/05/2014 low) and 18.22 (28/06/2013 low) confirms an underlying downtrend. Although the strong support at 14.66 (05/02/2010 low) has held thus far, the lack of any base formation continues to favour a long-term bearish bias. A key resistance stands at 18.89 (16/09/2014 high).

Await fresh signal.

This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

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