GBP/USD - Bullish breakout of the key resistance at 1.5274

EUR/USD

Monitor the resistance at 1.1534.

• EUR/USD is looking for short-term direction. Today's US labour market data are expected to shape the short-term trend. Resistances can be found at 1.1534 and 1.1679. Supports stand at 1.1262 (see also the 61.8% retracement) and 1.1098.

• In the longer term, the symmetrical triangle favours further weakness towards parity. As a result, the recent strength is likely to be temporary. A resistance lies at 1.1679 (21/01/2015 high), while a key resistance stands at 1.1871 (12/01/2015 high). Key supports can be found at 1.1000 (psychological support) and 1.0765 (03/09/2003 low).

Await fresh signal.

GBP/USD

Bullish breakout of the key resistance at 1.5274.

• GBP/USD has broken the key resistance at 1.5274 (06/01/2015 high). Even if the declining trendline remains thus far intact, further strength towards the resistance at 1.5486 is favoured. Hourly supports stand at 1.5251 (04/02/2015 high) and 1.5139 (04/02/2015 low).

• In the longer term, the break of the key resistance at 1.5274 (06/01/2015 high) suggests renewed buying interest. Upside potential are likely given by the resistances at 1.5620 (31/12/2014 high) and 1.5826 (27/11/2014 high). The strong support at 1.4814 should cap the medium-term downside risks.

Await fresh signal.

USD/JPY

Consolidating.

• USD/JPY has thus far failed to move towards the high of its declining channel, suggesting persistent selling pressures. An hourly resistance is now given by the short-term declining trendline (around 118.09), while a key resistance stands at 118.87. Supports can be found at 116.66 and 115.86 (16/01/2015 low).

• A long-term bullish bias is favoured as long as the key support 110.09 (01/10/2014 high) holds. Even if a medium-term consolidation is likely underway, there is no sign to suggest the end of the long-term bullish trend. A major resistance stands at 124.14 (22/06/2007 high). A key support can be found at 115.46 (17/11/2014 low).

Long 1 unit at 116.10, Obj: Close unit 1 at 119.30., Stop: 116.83 (Entered: 2015-01-16)

USD/CHF

Remains below its 200-day moving average.

• USD/CHF is consolidating below the resistance at 0.9368 (15/10/2014 low, see also the 200-day moving average). Hourly supports stand at 0.9170 (30/01/2015 low) and 0.8936 (27/01/2015 low). Another resistance lies at 0.9554 (16/12/2014 low).

• Following the removal of the EUR/CHF floor, a major top has been formed at 1.0240. The break of the resistance implied by the 61.8% retracement of the sell-off suggests a strong buying interest. Another key resistance stands at 0.9554 (16/12/2014 low), whereas a strong support can be found at 0.8353 (intraday low).

Await fresh signal.

USD/CAD

Holding above its key support at 1.2314.

• USD/CAD weakened yesterday. However, prices remain above the key support at 1.2314. Hourly resistances can be found at 1.2644 (see also the 61.8% retracement) and 1.2799. Another support lies at 1.2185 (61.8% retracement, see also the steepest rising trendline).

• In the longer term, the technical structure looks like a rounding bottom whose maximum upside potential is given by the strong resistance at 1.3065 (09/03/2009 high). Given the current overextended rise, the odds to see a consolidation phase are elevated. A key support stands at 1.2047 (intraday low).

Await fresh signal.

AUD/USD

Bouncing.

• AUD/USD made a large daily lower shadow on Tuesday, reflecting increasing buying interest. Coupled with the support area near 0.7704 (13/07/2009 low, see also the bottom of the declining channel), a short-term rebound is favoured. A resistance can be found at 0.7855, while a key resistance stands at 0.8054 (23/01/2015 high). Hourly supports lie at 0.7734 (05/02/2015 low) and 0.7626 (03/02/2015 low).

• In the long-term, there is no sign to suggest the end of the current downtrend. The break of the strong support area between 0.8067 (25/05/2010 low) and 0.7947 (61.8% retracement of the 2009-2011 rise) favours further weakness. A key support stands at 0.7451 (18/05/2009 low). A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

Await fresh signal.

GBP/JPY

Challenging the key resistance at 180.28.

• GBP/JPY is likely forming a bullish reversal pattern, whose upside potential is given by 184.70. The key resistance area between 180.28 and 180.94 is challenged. Hourly supports can now found at 179.29 (04/02/2015 high) and 177.61 (04/02/2015 low).

• In the long-term, the lack of any medium-term bearish reversal pattern favours a bullish bias. A support is given by the 200-day moving average (around 176.30), while a strong support area lies between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low). A strong resistances stands at 190.00 (psychological threshold).

Buy limit 2 units at 178.60, Obj: Close unit 1 at 180.88, remaining at 184.35, Stop: 177.51

EUR/JPY

Moving sideways.

• EUR/JPY is looking for direction as can be seen by the sharp rises and falls in the last three sessions. A resistance lies at 135.36, while a key resistance stands at 137.64. Hourly supports can be found at 132.00 and 130.15.

• In the longer term, the break of the strong support at 134.11 (20/11/2013 low) invalidates the long-term succession of higher lows. The resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. More sideways moves are now expected. A key support stands at 124.97 (13/06/2013 low).

Await fresh signal.

EUR/GBP

Remains weak.

• EUR/GBP bounced yesterday but remains below the broken rising channel. An hourly resistance lies at 0.7515, while a more significant resistance stands at 0.7596. Hourly supports can be found at 0.7436 (27/01/2015 low) and 0.7405.

• In the long-term, the break of the major support area between 0.7755 (23/07/2012 low) and 0.7694 (20/10/2008 low) confirms an underlying downtrend. Monitor the test of the support at 0.7392 (28/01/2008 low). Another support can be found at 0.7089 (03/12/2007 low). A key resistance now lies at 0.7875 (25/12/2014 high).

• We are rising our stop-loss level at 0.7535.

Short 2 units at 0.7563, Obj: Close unit 1 at 0.7436, remaining at 0.7260, Stop: 0.7535 (Entered: 2015-02-03)

EUR/CHF

Fading near the key resistance at 1.0600.

• EUR/CHF is recovering after its recent massive sell-off. The key resistance at 1.0600 has held thus far. Monitor the hourly support at 1.0466, as a break would signal a weakening short-term bullish momentum. Other hourly supports lie at 1.0357 and 1.0184 (28/01/2015 low). Another resistance can be found at 1.0675 (61.8% retracement of the 15 January decline).

• The EUR/CHF is again a free-floating currency and has declined to uncharted water. The ECB's QE programme is likely to cause persistent selling pressures on EUR/CHF. As a result, the key resistance at 1.0600 should be hard to break. A key support stands at 0.9715. The 15 January low at 0.8517 is a strong support, which should hold in the coming months.

Await fresh signal.

GOLD (in USD)

Monitor the support at 1255.

• Gold has thus far failed to exhibit sustained buying interest near the support at 1255 (16/01/2015 low), suggesting persistent selling pressures. Another support lies at 1225 (14/01/2015 low). Hourly resistances stand at 1285 (03/02/2015 high) and 1298 (27/01/2015 high).

• In the long-term, the break of strong resistance at 1255 (21/10/2014 high, see also the 200-day moving average) indicates an improving technical structure. However, the shape of this advance still looks like a countertrend move within an underlying downtrend and the declining channel suggests a limited upside potential. Another key resistance stands at 1345 (10/07/2014 high).

Await fresh signal.

SILVER (in USD)

Recent strength looks corrective.

• Silver's bounce looks like corrective in nature. As a result, a second leg lower echoing the one made on 29 January is likely. A key support stands at 16.55 (see also the rising channel). Hourly resistances can be found at 17.75 and 18.21 (27/01/2015 high). Another key support can be found at 15.53.

• 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 stands at 18.89 (16/09/2014 high).

Await fresh signal.