EUR/USD

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Edging lower.

EUR/USD is now weakening. Hourly resistance lies at 1.1218 (10/03/2016 high). Hourly support can be located a 1.1078 (14/03/2016 low). 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

Medium-term bearish.

GBP/USD is clearly following a medium-term bearish trend-line. Hourly resistance can be found at 1.4437 (11/03/2016 high) while hourly support can be found at 1.4108 (04/03/2016 low). The technical structure suggests further decline.
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

Failed to push above 114.00

USD/JPY remains in a range between strong resistance at 114.91 (16/02/2016 high) and support at 110.99 (11/02/2016 low). Hourly support lies at 112.61 (10/03/2016 low). The technical structure suggests a growing shortterm momentum.
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

Trading sideways.

USD/CHF is not very volatile these past few days. An hourly support lies at 0.9796 (11/03/2016 low). Hourly resistance is located at 0.9891 (11/03/2016 high & intraday high). Expected to show further consolidation.
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

Bullish retracement.

USD/CAD's momentum remains negative despite ongoing retracement. Hourly resistance is given at 1.3446 (09/03/2016 high) while stronger resistance can be found at 1.3587 (29/02/2016 high). Expected to see the pair bouncing tack towards hourly support at 1.3168 (11/03/2016 low).
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

Strong bearish consolidation.

AUD/USD's upward momentum is now pausing as the pair is currently retracing. Strong resistance is given at 0.7528 (09/03/2015 high) has been broken confirming underlying bullish pressures. Hourly support is given at 0.7427 (10/03/2016 low). Expected to show continued consolidation.
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

Low volatility.

EUR/CHF's short-term bullish momentum continues. Hourly support can be found at 1.0810 (290322016 low) while hourly resistance is given at 1.1023 (10/03/2016 high). Expected to show further strengthening toward 1.1000.
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

Riding uptrend channel.

EUR/JPY is consolidating. The pair is edging lower. Hourly resistance can be found at 127.29 (14/03/2016 high). Hourly support is given at 123.65 (10/03/2016 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. Strong 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

Buying pressures continue

EUR/GBP is trading with no strong momentum despite it keeps on bouncing back from strong resistance area around 0.7900. The pair remains above hourly support at 0.7652 (10/03/2016 low). Next support lies at 0.7525 (22/01/2016 low). Hourly resistance can be located at 0.7848 (10/03/2016 high).
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)

Fading momentum

Gold's bullish momentum is fading as support implied by the lower bound of the short-term channel has been broken. Hourly resistance is given at 1284 (intraday high) while hourly supports at 1237 (10/03/2016 low) has been broken. Yet, the bullish momentum is still on as long as hourly support at 1211 (26/02/2016 low) stands.
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)

Trading in range.

Silver remains in a range between hourly resistance at 15.93 (11/02/2016 high) and hourly support at 15.15 (10/03/2016 low). Expected to see bullish momentum increasing again.
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)

Bearish breakout.

Crude oil has exited the rising channel. Hourly resistance can be found at 39.02 (11/03/2016 high) while hourly support can be found at 36.12 (08/03/2016 low). A more significant support stands at 35 (rising channel). Expected to see further weakening 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.

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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.