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EUR/USD

EURUSD

Weakening.

  • EUR/USD is decreasing slowly. Yet, hourly resistance still lies at 1.1376 (11/02/2016 high). Hourly support is given at 1.1149 (intraday low) while stronger support is located a 1.1058 (16/03/2016 low). Expected to show continued weakness.

  • In the longer term, the technical structure favours a bearish bias as long as resistance at 1.1746 ( 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 deterioration implies a gradual decline towards the support at 1.0504 (21/03/2003 low).


GBP/USD

GBPUSD

Bearish breakout.

  • GBP/USD is weakening and has erased the short-term bullish momentum. Yet, the mediumterm technical structure is clearly bearish. Strong hourly resistance is given at 1.4514 (18/03/2016 high) while hourly support can be found at 1.4033 (03/03/2016 low). A break of strong resistance at 1.4668 (04/02/2016) is needed to show a reverse in the short-term momentum.

  • 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

Slowly rising.

  • USD/JPY's medium term momentum is clearly negative. Yet, on the short-term, the pair keeps on strengthening. Hourly resistance is given at 113.01 (intraday high). Stronger resistance is given at 114.91 (16/02/2016 high). Hourly support is given at 110.67 (17/03/2016 low). Expected to show continued increase in the short-term.

  • 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

Slightly bullish.

  • USD/CHF's very short-term bullish momentum is increasing. Hourly support can be found at 0.9651 (11/02/2016 low). Hourly resistance is located at 0.9913 (16/03/2016 high). Expected to show further consolidation towards 0.9800.

  • 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

Short-term bullish.

  • USD/CAD has fully erased 1.3100. Yet, the medium-term bearish momentum seems still strong. Hourly support can be found at 1.2924 (18/03/2016 low) while hourly resistance is given at 1.3275 (intraday high). Expected to further bounce back towards 1.3100 due to persistent selling pressures.

  • In the longer term, the break of the key support at 1.2832 (15/10/2015) would indicate increasing selling. Strong resistance is given at 1.4948 (21/03/2003 high). Stronger support can be found at 1.1731 (06/01/2015 low).


AUD/USD

AUDUSD

Breaking uptrend channel

  • AUD/USD has failed to go any higher and has broken the uptrend channel. Strong resistance is given at 0.7680 (18/03/2016 high). Hourly support is given at 0.7415 (16/03/2016 low). Expected to show further consolidation. Buying pressures remain nonetheless important as long as the pair remains above 0.7415.

  • 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 now above the 200-dma which confirms our view that buying pressures are increasing.


EUR/CHF

EURCHF

Moving sideways.

  • EUR/CHF is trading mixed since it failed to reach 1.1000 which shows that short-term bearish pressures are still lively. Hourly support can be found at 1.0893 (10/03/2016 low) while hourly resistance is given at 1.1023 (10/03/2016 high). Expected to show continued weakness.

  • 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

Pausing.

  • EUR/JPY is located on a symmetrical triangle. Buying and selling pressures tend to offset as the pair is not volatile at the moment. Hourly resistance can be found at 127.29 (14/03/2016 high) while hourly support is given at 124.68 (22/03/2016 low). A break of support implied by the lower bound of the symmetrical triangle at around 125 is necessary to confirm any end of the current short-term bullish trend.

  • 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

EURGBP

Breaking resistance at 0.7928.

  • EUR/GBP has pushed higher. The pair has set up a new year-high by breaking resistance at 0.7928 (25/03/2016 high). Hourly support lies at 0.7652 (10/03/2016 low). Next support can be found at 0.7525 (22/01/2016 low). The technical structure suggests that the pair should show continued increase.

  • 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)

Gold

Temporary weakness.

  • Gold has exited the short-term uptrend channel. Strong hourly resistance is given at 1284 (11/03/2016 high) while closer hourly support at 1225 (15/03/2016 low) has been broken. The metal is clearly volatile but we consider there are some room for reaching 1300.

  • 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

Bouncing back on support at 15.15.

  • Silver keeps on being very volatile and has sharply weakened. Hourly resistance is given at 16.14 (18/03/2016 high) while hourly support can be found at 15.15 (10/03/2016 low). Expected to see bullish momentum growing 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)

Crude Oil

Ready to bounce back.

  • Crude oil's short-term bullish momentum is definitely not ending. Daily resistance is given at 42.00 (04/12/2016 high). Hourly support can be found at 35.96 (15/03/2016 low). The technical structure suggests that buying pressures are important and strong daily resistance at 43.46 (24/11/2016 high) is clearly on target.

  • 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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