Silver - Weakening

EUR/USD

Short-term bounce still underway.

• EUR/USD has bounced near the hourly support at 1.2362. The short-term succession of higher lows remains intact. Monitor the hourly resistances at 1.2495. Another hourly resistance lies at 1.2532, whereas another support can be found at 1.2247.

• 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) calls for a decline towards the strong support at 1.2043 (24/07/2012 low). A key resistance stands at 1.2600 (19/11/2014 high).

Sell limit 2 units at 1.2522, Obj: Close unit 1 at 1.2305, remaining at 1.2070., Stop: 1.2610.

GBP/USD

Challenging the resistance implied by its declining channel.

• GBP/USD is inching higher and is now challenging the resistance implied by its declining channel (around 1.5762). Hourly supports can be found at 1.5648 (10/12/2014 low) and 1.5542. A key horizontal resistance stands at 1.5826.

• In the longer term, the technical structure is negative as long as prices remain below the key resistance at 1.5945 (11/11/2014 high). 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).

Await fresh signal.

USD/JPY

Moving sideways.

• USD/JPY is moving sideways between the support at 117.24 and the resistance at 119.92. A break of this resistance level is needed to improve the short-term technical structure. Another key support lies at 115.46 (see also the 38.2% retracement).

• A long-term bullish bias is favoured as long as the key support 110.09 (01/10/2014 high) holds. Given the major resistance at 124.14 (22/06/2007 high) and the overextended rise, the odds to see a medium-term consolidation phase are elevated. However, there is no sign to suggest the end of the long-term bullish trend.

Await fresh signal.

USD/CHF

The rising trendline has been breached.

• USD/CHF has moved below its rising trendline, indicating persistent selling pressures. An hourly support now lies at 0.9595. Hourly resistances are given by the short-term declining channel (around 0.9696) and 0.9723.

• From a longer term perspective, the technical structure favours a full retracement of the large corrective phase that started in July 2012. A major resistance area stands between 0.9972 (24/07/2012 high) and 1.0067 (01/12/2010 high). A key support can be found at 0.9351 (19/11/2014 low).

Await fresh signal.

USD/CAD

Pushing higher.

• USD/CAD continues to move in a succession of higher highs and higher lows, confirming an underlying bullish trend. Hourly supports now stand at 1.1516 (12/12/2014 low) and 1.1449 (11/12/2014 low).

• In the longer term, the technical structure looks like a rounding bottom whose minimum upside potential is given by the strong resistance at 1.1725 (08/07/2009 high). However, this expected rise is likely to be very gradual. Key supports stand at 1.1192 (21/11/2014 low) and 1.1072 (02/10/2014 low). Another resistance is given by the psychological threshold at 1.2000.

Await fresh signal.

AUD/USD

Making marginal new lows.

• AUD/USD is in a succession of lower highs, indicating persistent selling pressures. Hourly resistances can be found at 0.8299 and 0.8372. The marginal new lows below the support at 0.8224 suggest a lack of sustained buying interest.

• 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. A strong support area stands between 0.8067 (25/05/2010 low) and 0.7947 (61.8% retracement of the 2009-2011 rise). A key resistance can be found at 0.8615 (27/11/2014 high).

Await fresh signal.

GBP/JPY

Moving sideways.

• GBP/JPY continues to move sideways between the support at 185.02 and the resistance at 187.83. A break of this resistance level is needed to improve the short-term technical structure. Another support stands at 183.98, whereas another resistance can be found at 189.71.

• In the long-term, the trend is positive as long as the key support at 178.74 (23/09/2014 high) 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). A key support lies at 180.72 (19/09/2014 high).

Await fresh signal.

EUR/JPY

The resistance at 148.37 remains intact thus far.

• EUR/JPY has thus far failed to break the hourly resistance at 148.37. As a result, the short-term technical structure continues to favour a shortterm bearish bias. Hourly supports can be found at 146.43 and 145.59.

• The long-term technical structure remains positive as long as the key support at 141.23 (19/09/2014 high) holds. Monitor the test of the psychological resistance at 150.00. Another resistance stands at 157.00 (08/09/2008 high). A key support stands at 144.79.

Await fresh signal.

EUR/GBP

Short-term buying interest remains strong thus far.

• EUR/GBP rose sharply on Friday, indicating persistent short-term buying interest. Hourly resistances stand at 0.7954 and 0.7977. Hourly supports can be found at 0.7874 (see also the rising channel) and 0.7833.

• 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. However, a decisive break of the resistance at 0.8034 (25/06/2014 high, see also the declining channel and the 200-day moving average) is needed to confirm an improving technical structure.

Short 2 units at 0.7939, Obj: Close unit 1 at 0.7833, remaining at 0.7705., Stop: 0.7987 (Entered: 2014-12-11).

EUR/CHF

Moving sideways near the 1.20 threshold.

• EUR/CHF continues to move sideways near the SNB's 1.20 threshold. The lack of any significant bounce highlights persistent selling pressures. An hourly resistance area can be found between 1.2045 (previous support) and 1.2058 (06/11/2014 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. As a result, further tight sideways moves are favoured.

Await fresh signal.

GOLD (in USD)

Fading near the resistance at 1236.

• Gold is fading near the resistance at 1236 (see also the declining trendline). Hourly supports can be found at 1209 (08/12/2014 high) and 1186. A key resistance stands at 1255.

• 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 break of the strong resistance at 1255 (21/10/2014 high) is needed to invalidate this bearish outlook.

Await fresh signal.

SILVER (in USD)

Weakening.

• Silver is showing some signs of weakness near the resistance at 17.41, as can be seen by the break of the hourly support at 16.93 (11/12/2014 low). A break of the other hourly support at 16.80 (01/12/2014 high) would confirm a weakening momentum. Another support lies at 16.08. A key resistance stands at 18.00 (23/09/2014 high).

• 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 14.66 (05/02/2010 low) has held thus far, the lack of any base formation continues to favour a long-term bearish bias. A key resistance lies at 18.00 (23/09/2014 high). Another key support can be found at 11.77 (20/04/2009 low).

Our long position has been stopped.