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EUR/USD

EURUSD

Failed to break resistance at 1.1376.

  • EUR/USD keeps on pushing higher and is now lying above 1.1300. Hourly resistance lies at 1.1376 (11/02/2016 high) while hourly support is given at 1.1144 (24/03/2016 low). Stronger support is located a 1.1058 (16/03/2016 low). Expected to show further monitoring of resistance at 1.1376.

  • 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

Lack of follow-through.

  • GBP/USD is back to a range mode despite the medium-term technical structure is clearly bearish. Hourly resistance is given at 1.4591 (05/02/2016 high) while hourly support can be found at 1.4033 (03/03/2016 low). A break of stronger resistance at 1.4668 (04/02/2016) is nonetheless needed to show a reverse in the medium-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

Consolidating after bearish breakout.

  • USD/JPY's medium term momentum is clearly negative. On the short-term, the pair has broken short-term uptrend channel. Hourly resistance is given at 113.80 (29/03/2016 high) while stronger resistance is given at 114.91 (16/02/2016 high). Hourly support is given at 110.67 (17/03/2016 low). Expected to remain mixed.

  • 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

Medium-term bearish.

  • USD/CHF continues to weaken which confirms difficulties to go higher. Hourly support at 0.9651 (11/02/2016 low) now lies at 0.9599 while hourly resistance is located at 0.9787 (25/03/2016 high). Stronger resistance can be found at 0.9913 (16/03/2016 high). Expected to show further weakness.

  • 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

Weakening again.

  • USD/CAD's selling pressures are defnitely back on. The medium-term bearish momentum is clearly strong. Hourly support can be found at 1.2912 (30/03/2016 low) while hourly resistance is given at 1.3296 (24/03/2016 high). Expected to show continued weakness towards 1.2800.

  • 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

Pausing around its year-high.

  • AUD/USD continues its medium-term bullish momentum. Strong resistance at 0.7680 (18/03/2016 high) has been broken. Hourly support is given at 0.7415 (16/03/2016 low). Buying pressures remain 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

Riding downtrend channel.

  • EUR/CHF is slowly declining mixed since it failed to reach 1.1000 which shows that shortterm bearish pressures are still lively. Hourly support can be found at 1.0874 (23/03/2016 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

Strengthening.

  • EUR/JPY is targeting resistance at 128.17 (16.02.2016 high) despite short-term momentum looks more fragile. Hourly support is given at 124.68 (22/03/2016 low). Expected to show continued increase.

  • 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

Pushing higher.

  • EUR/GBP keeps on riding the uptrend channel. Hourly resistance can be found at 0.7946 (24/03/2016 high) while hourly support lies at 0.7774 (18/03/2016 low). Stronger 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 is in a short-term downtrend channel despite some retracement. Hourly support is given at 1208 (28/03/2016) while hourly resistance is given at 1260 (22/03/2016 high). A break of support at 1182 (08/02/2016 low) is necessary to confirm a deeper bearish trend.

  • 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

Selling pressures are fading.

  • Silver keeps on being volatile. Hourly resistance is given at 16.14 (18/03/2016 high) while hourly support at 15.15 (10/03/2016 low) has been broken but not fully erased as the metal is still trading around this level. Expected to see further consolidation.

  • 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

Bearish retracement.

  • Crude oil's short-term bullish momentum is definitely not ending. Indeed, ongoing move is a consolidation. 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 anyway that buying pressures are still 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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