USD/JPY - Approaching the 120 threshold

EUR/USD

Challenging its short-term declining trendline.

• EUR/USD continues to grind higher. However, the resistance at 1.2577 (see also the declining trendline) has held thus far. Another resistance can be found at 1.2632. Hourly supports stand at 1.2502 (intraday low) and 1.2444 (18/11/2014 low).

• In the longer term, EUR/USD is in a downtrend since May 2014. The break of the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) has opened the way for a decline towards the strong support at 1.2043 (24/07/2012 low). A key resistance stands at 1.2886 (15/10/2014 high).

Await fresh signal.

GBP/USD

The recent low at 1.5593 has held thus far.

• GBP/USD remains weak. Monitor the hourly horizontal range between the support at 1.5593 and the resistance at 1.5736. Another resistance can be found at 1.5781 (see also the declining trendline).

• In the longer term, the break of the support at 1.5855 (12/11/2013 low) confirms an underlying bearish trend. A conservative downside risk is given by a test of the support at 1.5423 (14/08/2013 low). Another support can be found at 1.5102 (02/08/2013 low). A key resistance lies at 1.5945 (11/11/2014 high, see also the declining channel).

Await fresh signal.

USD/JPY

Approaching the 120 threshold.

• USD/JPY continues to rise. Hourly supports can be found at 117.41 (intraday low) and 116.34 (18/11/2014 low).

• A long-term bullish bias is favoured as long as the key support 105.23 (15/10/2014 high) holds. The break of the major resistance at 110.66 (15/08/2008 high) opens the way for a further rise towards 120.00 (psychological threshold, see also the 61.8% retracement of the 1998-2011 decline). A major resistance stands at 124.14 (22/06/2007 high).

Await fresh signal.

USD/CHF

Remains in a short-term succession of lower highs.

• USD/CHF continues to move within its declining channel. Monitor the key support at 0.9544. Hourly resistances can now be found at 0.9609 (intraday high) and 0.9655 (see also the declining channel). Another support can be found at 0.9442.

• From a longer term perspective, the technical structure favours a full retracement of the large corrective phase that started in July 2012. The recent new highs above the key resistance at 0.9691 confirm this outlook. A strong support stands at 0.9368 (15/10/2014 low). A key resistance can be found at 0.9839 (22/05/2013 high).

Buy limit 2 units at 0.9559, Obj: Close unit 1 at 0.9680, remaining at 0.9790, Stop: 0.9521.

USD/CAD

Challenging its declining channel.

• USD/CAD continues to improve and is now challenging its short-term declining channel. An hourly support lies at 1.1311 (intraday low), while a key support stands at 1.1259. Another resistance can be found at 1.1402.

• In the longer term, the technical structure looks like a rounding bottom whose minimum upside potential is at 1.1725. The recent move above the resistance at 1.1279 (20/03/2014 high) confirms this bullish outlook. A strong support stands at 1.1072 (02/10/2014 low).

Await fresh signal.

AUD/USD

Approaching its recent low at 0.8541.

• AUD/USD continues to weaken, as can be seen by the break of the hourly support at 0.8648. Monitor the support at 0.8541. Hourly resistances now lie at 0.8677 (intraday high, see also the declining trendline) and 0.8747 (18/11/2014 high).

• In the long-term, the break of the strong support at 0.8660 (24/01/2014 low) confirms the underlying long-term bearish trend and opens the way for further weakness. Supports can be found at 0.8316 (01/07/2010 low) and 0.8067 (25/05/2010 low). A key resistance stands at 0.8911 (29/10/2014 high).

Await fresh signal.

GBP/JPY

Making 6-year highs.

• GBP/JPY has broken to the upside out of its recent consolidation. The implied short-term upside potential is given by 187.57. The shortterm technical momentum is positive as long as the hourly support at 184.16 (intraday low) holds. Another support stands at 183.39 (17/11/2014 high).

• In the long-term, the trend is positive as long as the strong support area between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low) holds. The break of the strong resistance at 180.72 (19/09/2014 high) opens the way for further strength. A key resistance stands at 197.45 (24/09/2008 high).

Await fresh signal.

EUR/JPY

Continues its sharp rise.

• EUR/JPY continues its sharp rise. Hourly supports can be found at 147.38 (intraday low) and 145.74 (intraday low) and 146.37 (19/11/2014 low).

• The long-term technical structure remains positive as long as the key support at 134.11 (20/11/2013 low) holds. The break of the major resistance at 145.69 opens the way for a further rise towards the psychological resistance at 150.00. Another resistance stands at 157.00 (08/09/2008 high).

Await fresh signal.

EUR/GBP

Challenging a key resistance area.

• EUR/GBP is challenging the key resistance area between 0.8047 (15/10/2014 high, see also the declining channel) and 0.8066 (see also the 200- day moving average). Hourly supports can be found at 0.7955 (17/11/2014 low) and 0.7935 (14/11/2014 low).

• In the longer term, the major support area between 0.7755 (23/07/2012 low) and 0.7694 (20/10/2008 low) has held thus far. A decisive break of the resistance at 0.8034 (25/06/2014 high, see also the declining channel and the 200- day moving average) would confirm an improving technical structure.

Await fresh signal.

EUR/CHF

Stabilising near 1.2000.

• EUR/CHF is stabilising close to the SNB's threshold at 1.20. Hourly resistances can now be found at 1.2026 (19/11/2014 high) and 1.2039 (12/11/2014 high). 

• In September 2011, the SNB put a floor at 1.2000 in EUR/CHF, which will be enforced with the "utmost determination". For the time being, a break of this threshold is very unlikely.

Await fresh signal.

GOLD (in USD)

Pickup in selling pressures.

• Gold weakened yesterday close to the resistance at 1208 (61.8% retracement). Hourly supports are now given by 1175 and by the low of the rising channel (around 1158). Another resistance stands at 1236.

• In the long-term, the move below the strong support at 1181 (28/06/2013 low) confirms the underlying downtrend and opens the way for further declines towards the strong support at 1027 (28/10/2009 low). A strong resistance can be found at 1255 (21/10/2014 high).

Await fresh signal.

SILVER (in USD)

Moving sideways.

• Silver is consolidating after Friday's sharp rise. The hourly support at 15.91 (previous resistance) has held thus far. Another support lies at 15.28. Resistances can be found at 16.68 and 17.04.

• 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. Although the strong support at 14.64 (05/02/2010 low) has held thus far, the lack of any base formation continues to favour a bearish bias. A resistance lies at 17.80 (15/10/2014 high). Another key support can be found at 11.77 (20/04/2009 low).

Await fresh signal.