EUR/JPY - Remains in its short-term declining channel

EUR/USD

Drifting lower.

• EUR/USD continues to move near the low of its declining channel. Further weakness towards the support at 1.1098 remains favoured. Hourly resistances can be found at 1.1245 (27/02/2015 high) and 1.1279 (20/02/2015 low).

• 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

Approaching the support at 1.5317.

• GBP/USD is weakening as can be seen by the break of the short-term rising trendline. Monitor the test of the hourly support at 1.5317. Another hourly support can be found at 1.5197. An hourly resistance lies at 1.5459 (27/02/2015 high), while a key resistance stands at 1.5620.

• In the longer term, the recent rise is seen as an oversold rebound, whose upside potential should be capped by the key 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

Fading near the resistance at 120.48.

• USD/JPY has faded near the key resistances area between 120.48 (11/02/2015 high) and 120.83. A support stands at 119.12 (see also the rising channel). Another support lies at 118.18.

• A long-term bullish bias is favoured as long as the key support at 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 yet. A gradual rise towards the major resistance at 124.14 (22/06/2007 high) is therefore favoured. A key support can be found at 115.57 (16/12/2014 low).

Await fresh signal.

USD/CHF

Bullish breakout of the resistance at 0.9554.

• USD/CHF has broken the key resistance at 0.9554 (16/12/2014 high), confirming persistent buying interest. Another key resistance stands at 0.9831. Hourly supports can now be found at 0.9527 (02/03/2015 low) and 0.9450 (26/02/2015 low, see also the rising trendline).

• In the longer-term, the bullish momentum in USD/CHF has resumed after the removal of the EUR/CHF floor. The break of the key resistance at 0.9554 (16/12/2014 low) opens the way for a further rise towards the other key resistance at 0.9831 (25/12/2014 low). A key support can now be found at 0.9374 (20/02/2015 low, see also the 200-day moving average).

Await fresh signal.

USD/CAD

Moving sideways.

• USD/CAD has seen a pickup in buying interest near the key support area between 1.2352 and 1.2314. However, the succession of lower highs remains thus far intact. Hourly resistances can be found at 1.2566 (02/03/2015 high) and 1.2664.

• 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).

• We have removed our long strategy.

Await fresh signal.

AUD/USD

Monitor the resistance implied by declining channel.

• AUD/USD has seen a pickup in short-term buying interest near the hourly support at 0.7740 (24/02/2015 low). However, the hourly resistance at 0.7845 (02/03/2015 high) has not been broken yet. Furthermore, a more significant resistance lies at 0.7913 (26/02/2015 high, see also the declining channel). 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

Await fresh signal.

GBP/JPY

Challenging the support at 183.54.

• GBP/JPY is moving sideways in the short-term range defined by the hourly support at 183.54 and the hourly resistance at 185.03. The direction of the breakout is likely to give the direction of the next short-term trend. Another support stands at 181.54, whereas a key resistance can be found at 187.80.

• In the long-term, the lack of any medium-term bearish reversal pattern favours a bullish bias. A strong support area is given by the 200-day moving average (around 177.50) and 175.51 (03/02/2015 low). A strong resistances stands at 190.00 (psychological threshold).

Sell limit 2 units at 184.60, Obj: Close unit 1 at 182.63, remaining at 180.42, Stop: 185.17.

EUR/JPY

Remains in its short-term declining channel.

• EUR/JPY continues to move within its shortterm declining channel, indicating persistent selling pressures. The break of the hourly support at 133.55 opens the way for further short-term weakness. Other supports can be found at 132.00 and 130.15. Hourly resistances lie at 134.60 (02/03/2015 high) and 135.37 (26/02/2015 high).

• 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

Touching the low of its long-term declining channel.

• EUR/GBP remains weak despite its proximity to the low of its long-term declining channel. Hourly resistances can now be found at 0.7302 (02/03/2015 high) and 0.7349 (24/02/2015 high). An hourly support lies at 0.7234 (02/03/2015 low).

• 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).

Await fresh signal.

EUR/CHF

Approaching the resistance at 1.0812.

• EUR/CHF is moving roughly sideways. A key resistance stands at 1.0812, whereas hourly supports can be found at 1.0678 and 1.0611.

• 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)

Moving sideways.

• Gold is moving sideways between the support at 1191 and the resistance at 1223. The declining trendline continues to favour a bearish bias. A key support can be found at 1168 (02/01/2015 low). Another resistance stands at 1246 (10/02/2015 high).

• 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)

Monitor the support at 16.11.

• Silver continues to move below its declining trendline. Monitor the hourly support at 16.11. Hourly resistances are given by the declining trendline (around 16.64) and 16.90 (26/02/2015 high). 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.