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EUR/USD

EURUSD

Riding the short-term downtrend channel.

  • EUR/USD lies in a short-term uptrend 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 show further increase.

  • 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

Broken support at 1.4231.

  • GBP/USD has broken key support at 1.4231. 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 further weakness below 1.4000.

  • 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

Targeting strong support at 115.57.

  • USD/JPY is declining. Hourly resistance lies at 123.76 (18/11/2015 high). Hourly support at 116.18 (24/08/2015 low) has been broken. Expected to show continued weakness.

  • 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

Trading sideways.

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

  • 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

Up again and again.

  • USD/CAD keeps on increasing sharply. Current momentum seems unstoppable. Hourly support is located far away at 1.4065 (11/01/2016 low). Expected to show further increase toward key resistance at 1.4948 (21/03/2003).

  • 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

Weakening.

  • AUD/USD is oriented downwards. Hourly support lies at 0.6827 (15/01/2015 low). The technical structure remains clearly negative. Hourly resistance is given at 0.7328 (31/12/2015 high). Expected to show continued weakness.

  • 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

1.1000 is on target.

  • EUR/CHF is monitoring hourly resistance at 1.0982 (25/09/2015 high). Hourly support lies at 1.0733 (28/08/2015 low). Expected to test again hourly resistance at 1.0982.

  • 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

Ready to monitor support at 126.79

  • EUR/JPY is declining. 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

Reaching one-year high.

  • EUR/GBP keeps on rising. The technical structure suggests that there are strong buying interests. Hourly resistance lies at 0.7694 (15/01/2015 high) has been broken and hourly support is given at 0.7350 (25/12/2015 low). Expected to show further upside move.

  • In the long-term, prices tend to reverse from the underlying declining trend. The general oversold conditions suggest a growing upside momentum. A key resistance at 0.7592 (03/02/2015) has been broken.


GOLD (in USD)

Gold

Growing.

  • Gold seems to be in a short-term upside move. Yet, the metal is still trading between hourly support at 1046 (03/12/2015 low) and resistance at 1113 (08/01/2016 high). Expect to show continued 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

Moving sideways.

  • Silver is trading into a symmetrical triangle. Hourly support is given at 13.64 (14/12/2015 low). Hourly resistance can be found at 14.64 (07/12/2015 high) and still seems far. The overall technical structure suggests that the metal should increase.

  • 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

The decline is far from being over.

  • Crude oil keeps on declining at a strong pace. The medium-term technical structure remains clearly negative in a context of oil oversupply. Expected to see continued weakness.

  • In the long-term, crude oil is on a sharp decline and is of course no showing any signs of recovery. Strong support at 24.82 (13/11/2002) is now on target. Crude oil is holding way below its 200-Day Moving Average (setting up at around 47). There are currently no signs that a reverse trend may happen.

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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