EUR/USD
Ready to monitor resistance at 1.1387.
EUR/USD keeps on pushing higher. Hourly 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 increase.
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
Rising slowly.
GBP/USD's short-term momentum is still lively. Hourly resistance can be found at 1.4668 (08/02/2016 high). Hourly support can be found at 1.4081 (21/01/2015 low). The technical structure looks very positive. 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
Consolidating.
USD/JPY's sharp decline is now pausing. Hourly resistance lies can be found at 123.76 (18/11/2015 high). There is no hourly support for the time being. The road is wide open for further decline.
The strong support at 115.57 (16/12/2014 low) has been broken and fully erased. We start favouring a long-term bearish bias. 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 pausing between 0.9700 and 0.9800. Hourly resistance can be found at 1.0328 (27/11/2015 high). The technical structure suggests that the road is wide open for further short-term decline toward Hourly support at 0.9476 (15/10/2015 low). Expected to show continued 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
Lack of follow-through.
USD/CAD is trading below 1.4000. Hourly resistance can be found at 1.4690 (20/01/2015 high). The technical structure suggests further consolidation.
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
Trading in range.
AUD/USD is moving sideways between daily support at 0.6827 (15/01/2015 low) and resistance at 0.7328 (31/12/2015 high). The medium-term technical structure remains clearly negative. Yet, on the short-term the technical structures is showing a slow 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 is approaching the 200-dma which confirms fading selling pressures.
EUR/CHF
Bouncing above 1.1000.
EUR/CHF's is back above 1.1000. This is only a very short-term retracement. Hourly resistance lies at 1.1200 (04/02/2016 high). Hourly support lies at 1.0733 (28/08/2015 low). There is a clear downward move towards 1.0900.
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
Pausing
EUR/JPY keeps on riding the downtrend channel. Hourly support is implied by the lower bound of the downtrend channel at around 125.00. Hourly resistance lies at 134.60 (04/12/2015 high). Stronger resistance is located at 137.45 (17/09/2015 high). Expected to show further weakness.
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
Bearish consolidation.
EUR/GBP is consolidation below 0.78000. Hourly support can be found at 0.7525 (22/01/2015 low). The road is wide open to 0.8000. Expected to show further 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)
Strong bullish momentum.
Gold's strong bullish momentum is still lively. Hourly support is given at 1046 (03/12/2015 low) and daily resistance can be found at 1308 (22/01/2015 high) has been broken. 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)
Targeting 16.00.
Silver keeps on pushing higher. Hourly support is given at 14.16 (29/01/2016 low). Hourly resistance is given at 16.36 (28/10/2015). 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)
Setting a new 13-year low.
Crude oil is definitely not recovering. The technical structure remains clearly negative in a context of oil oversupply. Hourly support at 26.19 (20/01/2016 low) has been broken. Hourly resistance may be found at 34.82 (28/01/2016 high). Expected to show 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.
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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