Are you trading today? Read the Forex Trading Strategies for the Day.

EUR/USD

EURUSD

Breaking 1.0700.

  • EUR/USD has set a new hourly support at 1.0675 (10/11/2015 low). Hourly resistance lies at 1.0897 (05/11/2015 high). The technical structure is clearly negative. Stronger resistance stands at 1.1095 (28/10/2015 high). Nonetheless we still expected a retracement of the pair above 1.0800 as it seems there are still some buying interest pressures.

  • In the longer term, the technical structure favours a bearish bias as long as resistance holds. Key resistance is located region at 1.1453 (range high) and 1.1640 (11/11/2005 low) is likely to cap any price appreciation. The current technical deteriorations favours a gradual decline towards the support at 1.0504 (21/03/2003 low).


GBP/USD

GBPUSD

Short-term bullish.

  • GBP/USD is still increasing. Hourly support can be found at 1.5027 (06/11/2015 low). Hourly resistance stands at 1.5219 (05/11/2015 high). Expected monitoring of the resistance at 1.5219.

  • The long-term technical pattern is negative and favours a further decline towards the key support at 1.5089 , as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.


USD/JPY

USDJPY

Bearish consolidation.

  • USD/JPY weakens. Hourly resistance lies at 123.60 (09/11/2015 high). Nonetheless the short-term technical structure favours a further rise. Strong support lies at 120.80 (22/10/2015 low). Expected rise of the pair.

  • A long-term bullish bias is favored as long as the strong support at 115.57 (16/12/2014 low) holds. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) is favored. A key support can be found at 116.18 (24/08/2015 low).


USD/CHF

USDCHF

Bullish momentum is fading.

  • USD/CHF is still holding above 1.0000, confirming buying interest. The technical structure is showing a consolidation. Hourly support is given at 0.9944 (06/11/2015 low). Expected to further consolidate.

  • In the long-term, the pair has broken resistance at 0.9448 and key resistance at 0.9957 suggesting further uptrend. Key support can be found 0.8986 (30/01/2015 low). As long as these levels hold, a long term bullish bias is favoured.


USD/CAD

USDCAD

Bearish consolidation.

  • USD/CAD is heading downwards but the pair remains in an upside momentum. Resistance can be found at 1.3318 (06/11/2015 high). Significant supports stand at 1.2949 (Fibo 38% retracement level). Expected to further increase.

  • In the longer term, the break of the key resistance at 1.3065 (13/03/2009 high) has indicated increasing buying pressures, which favours further medium-term strengthening. Support can be found at 1.2832 (15/10/2015 low) then 1.1731 (06/01/2015 low).


AUD/USD

AUDUSD

Sideways price action.

  • AUD/USD is still in the downtrend channel. Hourly support lies at 0.7017 (08/11/2015 low). Hourly resistance can be found at 0.7078 (10/11/2015 high). Expected monitoring of the support implied by the lower bound of the downtrend channel.

  • In the long-term, there is no sign to suggest the end of the current downtrend. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view. In addition, we still note that the pair remains well below the 200-dma which confirms selling pressures.


GBP/JPY

GBPJPY

Riding uptrend channel.

  • GBP/JPY is pushing higher after testing support implied by the lower bound of the uptrend channel. Break of the channel's support would suggest a deeper corrective phase. Stronger support stands at 180.24 (04/09/2015 low).

  • In the long-term, the lack of any medium-term bearish reversal pattern favours a bullish bias. The successful test of the strong support at 175.51 (03/02/2015 low) signals persistent buying interest. Key resistances stand at 197.45 (26/09/2008 high). A major support area can be found between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low).


EUR/JPY

EURJPY

Monitoring support at 131.51.

  • EUR/JPY is moving sideways under declining trendline. Hourly resistance is located at 137.45 (17/09/2015 high) and hourly support lies at 131.51 (06/11/2015 low). Expected to test support at 131.51.

  • In the longer term, the break of the support at 130.15 validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. Key supports stand at 124.97 (13/06/2013 low) and 118.73 (25/02/2013 low). A key resistance can be found at 141.06 (04/06/2015 high).


EUR/GBP

EURGBP

Weakening.

  • EUR/GBP is declining. The technical structure is still negative. Monitor the support at 0.7026 (18/08/2015 low). Expected to show continued weakness.

  • In the long-term, prices are in an underlying declining trend. The general oversold conditions suggest a limited medium-term downside potential. A key resistance lies at 0.7592 (03/02/2015 high).


EUR/CHF

EURCHF

Declining.

  • EUR/CHF is pushing lower. A bearish bias is favoured given the recent lower highs. Hourly support lies at 1.0733 (28/08/2015 low). Resistance can be found at 1.0908 (declining channel resistance). Expected to monitor 1.0700.

  • In the longer term, the technical structure remains negative as long as prices remain below the resistance at 1.1002 (02/09/2011 low). The ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).


GOLD

Gold

Still consolidating above 1085.

  • Gold is now pausing. The short-term technical structure remains negative. Short-term support region can be found at 1085 (06/11/2015 low). Hourly resistance is given at 1110 (06/11/2015 high). Expected to show continued weakness.

  • In the long-term, the underlying downtrend (see declining channel) continues to favour a bearish bias. A break of theresistance at 1223 is needed to suggest something more than a temporary rebound. A major support can be found at 1045 (05/02/2010 low).


SILVER (in USD)

Silver

Declining.

  • Silver is still heading lower. The potential medium-term base formation and the short-term challenge to range support favours a bearish bias. The resistance at 15.45 (declining channel) has thus far held. Expected to show continued weakness.

  • 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. The strong support at 14.66 (05/02/2010 low) has been broken and prices have then consolidated. A key resistance stands at 18.89 (16/09/2014 high).

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.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD stays below 1.0800 after upbeat US data

EUR/USD stays below 1.0800 after upbeat US data

EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.

EUR/USD News

GBP/USD stays in daily range above 1.2600

GBP/USD stays in daily range above 1.2600

GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.

GBP/USD News

Gold clings to strong daily gains above $2,200

Gold clings to strong daily gains above $2,200

Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.

Gold News

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC

XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase. 

Read more

Portfolio rebalancing and reflation trades emerge into Q2

Portfolio rebalancing and reflation trades emerge into Q2

Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.

Read more

Majors

Cryptocurrencies

Signatures