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EUR/USD

EURUSD

Weakening.

  • EUR/USD keeps on riding the downtrend channel. Hourly resistance may be found at 1.1096 (28/10/2015 low) while hourly support can be found at 1.0524 (03/12/2015). Expected to further decline.

  • 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

Sliding to 6-year low.

  • GBP/USD is weakening and is now trading below 1.4500. Hourly resistance is given at 1.5242 (13/12/2015 high). Stronger resistance can be found at 1.5336 (19/11/2015 high). Expected to show continued weakness.

  • The long-term technical pattern is negative and favours a further decline towards the key support at 1.4231 (20/05/2010 low), 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

Short-term bullish.

  • USD/JPY is consolidating higher. Hourly resistance lies at 123.76 (18/11/2015 high). Expected to further decline towards hourly support at 116.18 (24/08/2015 low).

  • 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.

  • USD/CHF's uptrend momentum keeps going as long as the pair remains in the upward channel. Support is located at 0.9876 (14/12/2015 low). Hourly resistance can be found at 1.0125 (05/01/2015 high). Expected to monitor toward support implied by uptrend channel.

  • 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

Consolidating.

  • USD/CAD is consolidating above 1.4200. Hourly support is located at 1.3803 (25/12/2015 low) which break would trigger a sharp move to key support at 1.3225 (12/11/2015 low). Expected to show continued 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. Strong resistance is given at 1.4948 (21/03/2003 high). Support can be found at 1.2832 (15/10/2015 low) then 1.1731 (06/01/2015 low).


AUD/USD

AUDUSD

Bullish consolidation.

  • AUD/USD rises. Hourly support can be found at 0.6896 (06/09/2015 low) which invalidates the medium-term upside momentum. Hourly resistance is given at 0.7328 (31/12/2015 high). Expected to monitor support at 0.6896 (06/09/2015 low).

  • In the long-term, we are waiting for further signs that the current downtrend is ending. 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.


EUR/CHF

EURCHF

Short-term bullish.

  • EUR/CHF is trading higher. Hourly support lies at 1.0733 (28/08/2015 low) and hourly resistance can be found at 1.0956 (29/09/2015 high). Expected to test resistance implied by the upper bound of the downtrend channel.

  • 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).


EUR/JPY

EURJPY

Moving sideways.

  • EUR/JPY keeps on trading below 128.00. Hourly resistance lies at 134.60 (04/12/2015 high). Stronger resistance is located at 137.45 (17/09/2015 high). The technical structure suggests a further decline toward hourly support at 126.79 (07/01/2016 low).

  • In the longer term, the technical structure 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

Trading sideways.

  • EUR/GBP is trading mixed. Yet, the technical structure suggests that there are still strong buying interests. Hourly resistance lies 0.7555 (11/01/2016 high) and hourly support is given at 0.7350 (25/12/2015 low). Expected to further consolidate before entering into another upside move.

  • 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 at 0.7592 (03/02/2015 high) is approaching.


GOLD (in USD)

Gold

Bearish consolidation.

  • Gold is now declining for the third sessions in a row. Strong support area is given by the hourly support at 1046 (03/12/2015 low) and by key support at 1044 (05/02/2015 low). Yet, the shortterm technical structure suggests a deeper upside move.

  • In the long-term, the underlying downtrend (see declining channel) continues to favour a bearish bias. A break of the resistance 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

Ready to monitor support at 13.64.

  • Silver exited the uptrend channel. Hourly support is given at 13.64 (14/12/2015 low). Hourly resistance at 14.64 (07/12/2015 high) still seems far. The overall technical structure (high volatility) is positive and silver is now expected to keep increasing.

  • 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. Strong support can be found at 11.75 (20/04/2009). A key resistance stands at 18.89 (16/09/2014 high).


Crude Oil (in USD)

Crude Oil

Bouncing back above 30.00.

  • Crude oil keeps on declining. Despite the medium-term technical structure remains clearly negative in a context of oil oversupply. Expected to see continued weakness. Oil keeps riding the downtrend channel.

  • In the long-term, crude oil has not shown signs of recovery. Strong support lies at 37.75 (24/08/2015) has been broken and 32.40 (18/08/2015 low) is now on target. Nonetheless, crude oil is holding way below its 200-Day Moving Average (setting up at 50). An very unlikely break of the resistance at 60.72 (05/07/2015) would confirm an underlying uptrend.

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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