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EUR/USD

EURUSD

Consolidating.

  • EUR/USD is now consolidating after its last week's sharp bullish move. Daily resistance lies at 1.1387 (20/11/2015 high). Hourly support may be found at 1.0711 (05/01/2016 low). Yet, expected to show further consolidation.

  • 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

Further consolidation.

  • GBP/USD's short-term momentum is pausing Hourly resistance can be found at 1.4668 (08/02/2016 high). Hourly support can be found at 1.4081 (21/01/2015 low). Expected to show further increase.

  • The long-term technical pattern is negative and favours a further decline towards the key support at 1.3503 (23/01/2009 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

Lack of momentum.

  • USD/JPY is pausing around 117.00 and is still trading in a range from 116.00 from 122.00. Hourly resistance lies at 123.76 (18/11/2015 high). Hourly support lies can be found at 115.98 (20/01/2016 low). Expected to show further decline.

  • 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

Consolidating.

  • USD/CHF is pausing below parity. Hourly support is located at 0.9786 (14/12/2015 low) and hourly resistance can be found at 1.0328 (27/11/2015 high). Expected to show continued decline.

  • 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

Back to bullish?

  • USD/CAD has increased by two figures last Friday. Yet, the bearish momentum keeps going. Hourly support lies at 61.8% Fibonacci retracement at 1.3542. Daily resistance can be found at 1.4690 (20/01/2015 high). Expected to show further short-term upside move.

  • 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

Failed to break downtrend channel.

  • AUD/USD is still in a short-term upside momentum. Hourly support lies at 0.6827 (15/01/2015 low). Hourly resistance is given at 0.7328 (31/12/2015 high). Even if the mediumterm technical structure remains clearly negative, expected to show continued short-term increase.

  • 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

Consolidating after bullish move.

  • EUR/CHF's bullish momentum seems to consolidate. Hourly resistance lies at 1.1200 (04/02/2016 high). Hourly support lies at 1.0733 (28/08/2015 low). Expected to show further increase towards 1.1200.

  • In the longer term, the technical structure is positive as prices have broken resistance at 1.1049 (11/09/20115 high). Yet,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

Monitoring the downtrend channel.

  • EUR/JPY is monitoring the upper bound implied by the downtrend channel. Hourly resistance lies at 134.60 (04/12/2015 high). Stronger resistance is located at 137.45 (17/09/2015 high). Expected to bounce back.

  • 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

Pushing higher.

  • EUR/GBP has exited its range by breaking hourly resistance at 0.7665 (21/01/2015 high). hourly support can be found at 0.7525 (22/01/2015 low). Expected to show further increase.

  • 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

Targeting 1191.00.

  • Gold continues to move higher. Hourly support is given at 1046 (03/12/2015 low) and hourly resistance can be found at 1191 (15/10/2015 high). Expected to show 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

Back to 15.00.

  • Silver keeps on pushing higher. Hourly support is given at 14.16 (29/01/2016 low). Hourly resistance at the 50% Fibonacci retracement has been broken. The overall technical structure suggests further 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

Weakening.

  • Crude is definitely not recovering. The technical structure remains clearly negative in a context of oil oversupply. Hourly support is given at 26.19 (20/01/2016 low) and hourly resistance can be found at 34.82 (28/01/2016 high). Expected to see further decline.

  • 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.

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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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