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EUR/USD

EURUSD

Moving sideways.

  • EUR/USD continues to retrace the rebound that started from the low at 1.0810.The shortterm technical structure still suggests a further bearish move. Hourly resistance lies at 1.0893 (01/03/2016). Hourly support can be found at 1.0810 (29/01/2016 low). Expected to show continued weakness.

  • 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

Bouncing back.

  • GBP/USD is retracing higher. Hourly support lies at 1.3836 (29/02/2016 low) and hourly resistance is given at 1.4043 (26/02/2016 high) has been broken. The technical structure suggests further monitoring of the hourly resistance at 1.4168 (22/02/2016 high).

  • The long-term technical pattern is negative and favours a further decline towards 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

Pushing higher.

  • USD/JPY is lifted by a strong bullish momentum, as can be seen by recent higher highs. Strong resistance is given at 114.91 (16/02/2016 high). Hourly support can be located at 113.22 (02/03/2016 low) then next support lies at 112.16 (01/03/2016 low). Expected to show continued strengthening.

  • We favour a long-term bearish bias. Support at 105.23 (15/10/2014 low) is on target. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems now less likely. Another key support can be found at 105.23 (15/10/2014 low).


USD/CHF

USDCHF

Monitoring support at 0.9950.

  • USD/CHF is moving sideways between the support at 0.9950 (29/02/2016 low) and the resistance at 1.0034 (29/02/2016 high). Break of the support at 0.9950 would suggest further selling pressures.

  • In the long-term, the pair is setting highs since mid-2015. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours a long term bullish bias.


USD/CAD

USDCAD

Selling pressures are still on.

  • USD/CAD's bearish momentum is still lively, despite it fails to test strong support at 1.3300. Hourly support is given at 1.3386 (01/03/2016 low). Hourly resistance can be found at 1.3587 (29/02/2016 high). Expected to see further weakening.

  • 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

Ready to test resistance at 0.7328.

  • AUD/USD is very volatile and has broken hourly resistance at 0.7191 (01/03/2015 high). Hourly support is given at 0.7110 (intraday low). Strong hourly resistance is given at 0.7328 (31/12/2015 high).

  • 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 is approaching the 200-dma which confirms fading selling pressures.


EUR/CHF

EURCHF

Still weakening.

  • EUR/CHF keeps on pushing lower. Hourly support can be found at 1.0810 (29/02/2016 low) is on target. Resistance lies at 1.0946 (25/02/2016 high). The technical structure suggests further weakening below 1.0800.

  • In the longer term, the technical structure remains positive. Resistance can be found at 1.1200 (04/02/2015 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

Bouncing further.

  • EUR/JPY has bounced near the significant support region around 122.47 (24/02/2016 low), and is now back around 124.00. Hourly resistance can be found at 125.01 (01/03/2016 high). Expected to further decline.

  • 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 support at 124.97 (13/06/2013 low) has been broken. Stronger support is given at 118.73 (25/02/2013 low). A key resistance can be found at 141.06 (04/06/2015 high).


EUR/GBP

EURUSD

Pausing.

  • EUR/GBP declined sharply two days ago, indicating persistent selling pressures. The pair is now pausing. Hourly support at 0.7695 (16/02/2015 low) has been broken. The road is wide open for further decline. Stronger support lies at 0.7525 (22/01/2016 low).

  • In the long-term, the technical structure suggests a growing upside momentum. The pair is trading well above its 200 DMA. Strong resistance can be found at 0.8066 (10/09/2014 high).


GOLD (in USD)

GBPUSD

Bullish momentum.

  • Gold's bullish momentum keeps going. Hourly resistance is given at 1253 (24/02/2016 high). The metal is pushing slightly higher. Hourly supports lies at 1211 (26/02/2016 low). Daily resistance can be found at 1263 (11/02/2016 high).

  • In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low).


SILVER (in USD)

Silver

Trading sideways.

  • Silver is trading mixed. Volatility on the metal is also important. Support can be located at 14.61 (29/02/2016 low). Hourly resistance can be found at 15.07 (01/03/2016 high).

  • 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

Riding short-term uptrend channel.

  • Crude oil continues to move within a rising channel. Hourly resistance at 33.60 (04/02/2016 high) and at 34.82 (28/01/2016 high) have been broken. Hourly support can be found at 33.37 (intraday low). A more significant support stands at 34 (rising channel). Expected to see continued strength in the short-term.

  • 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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