EUR/USD - Declining towards its recent lows

EUR/USD

Declining towards its recent lows.

• EUR/USD has declined sharply near the resistance area between 1.2577 (04/11/2014 high) and 1.2600, indicating renewed selling pressures. A support stands at 1.2247. Hourly resistances can now be found at 1.2373 (intraday high) and 1.2423 (intraday high).

• 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).

Short 2 units at 1.2522, Obj: Close remaining at 1.2070., Stop: 1.2610 (Entered: 2014-12-16).

GBP/USD

Testing its recent lows at 1.5542.

• GBP/USD declined sharply yesterday, confirming persistent selling pressures. Monitor the test of the support at 1.5542. Hourly resistances for a short-term bounce can be found at 1.5634 (intraday low) and 1.5699 (intraday high).

• 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

Approaching the resistance at 119.56.

• USD/JPY has bounced sharply after the successful test of the key support at 115.46 (see also the 38.2% retracement). Resistances stand at 119.56 and 121.85. An hourly support lies at 117.76 (intraday high).

• A long-term bullish bias is favoured as long as the key support 110.09 (01/10/2014 high) holds. Key supports to monitor for a medium-term consolidation stand at 115.46 (17/11/2014 low) and 113.17 (04/11/2014 low). Currently, there is no sign to suggest the end of the long-term bullish trend.

Await fresh signal.

USD/CHF

Challenging the key resistance at 0.9839.

• USD/CHF has surged higher. However, the key resistance at 0.9839 has held thus far. A support for a short-term consolidation stands at 0.9722 (intraday low). Another support lies at 0.9695 (intraday high).

• 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 0.9531 (19/11/2014 low).

Await fresh signal.

USD/CAD

Fading thus far to make a higher high.

• USD/CAD has thus far failed to break the resistance at 1.1674, suggesting a weakening buying interest. Coupled with overbought conditions, a short-term consolidation phase is favoured. Hourly supports can now be found at 1.1561 and 1.1516.

• 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). Given the current overbought conditions, the odds to see a consolidation phase are increasing. Key supports stand at 1.1398 (09/12/2014 low) and 1.1192 (21/11/2014 low). Another resistance is given by the psychological threshold at 1.2000.

Await fresh signal.

AUD/USD

Approaching the strong resistance at 0.8067.

• AUD/USD continues to decline and is now close to the strong support at 0.8067. Hourly resistances for a short-term bounce can be found at 0.8236 (17/12/2014 high, see also the declining trendline) and 0.8299.

• 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

Challenging the resistance at 185.02.

• GBP/JPY has successfully tested the key support at 181.13. However, a break of the hourly resistance area between 185.02 (previous support) and the declining trendline (around 185.34) is needed to improve the short-term technical structure. Another resistance can be found at 187.21 (15/12/2014 high). An hourly support lies at 183.05 (intraday low).

• 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

Weak bounce thus far.

• EUR/JPY has successfully tested the support at 144.79. However, the subsequent bounce has thus far been unimpressive. Hourly resistances can be found at 147.03 (16/12/2014 high) and 147.90 (intraday high). Another support lies at 143.35 (12/11/2014 low).

• 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

Weakening.

• EUR/GBP is declining after its significant bearish intraday reversal near the resistance at 0.7977 (01/12/2014 high) made on 16 December. The hourly support at 0.7907 (15/12/2014 low, see also the rising channel) has been broken. Other hourly supports lie at 0.7874 (12/12/2014 low, see also the rising trendline) and 0.7833. Hourly resistances stand at 0.7955 (17/12/2014 high) and 0.8007 (16/12/2014 high).

• 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.

Await fresh signal.

EUR/CHF

The SNB pushes EUR/CHF higher.

• EUR/CHF has risen sharply following SNB's surprise announcement to introduce negative rates on sight deposits. An hourly resistance now lies at 1.2097 (intraday high). • A break of the resistance area defined by the declining 200-day moving average (around 1.2125) and 1.2140 (07/10/2014 high) is needed to suggest a potential change in the underlying longer-term EUR/CHF bearish trend.

• 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 unlikely.

Await fresh signal.

GOLD (in USD)

The support at 1186 has held thus far.

• Gold has thus far successfully tested the support at 1186. However, Tuesday's large daily upper shadow suggests persistent selling pressures. An hourly resistance lies at 1224 (16/12/2014 high). Other supports stand at 1170 (intraday low) and 1143.

• 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)

Bouncing.

• Silver is bouncing after the break of the support at 16.08. Hourly resistances can be found at 16.08 (previous support) and 16.64 (16/12/2014 high). Supports stand at 15.52 (intraday low, see also the 61.8% retracement) and 14.42.

• 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).

Await fresh signal.