EUR/JPY - Challenging the support at 132.00

EUR/USD

Challenging the 1.1000 threshold.

• EUR/USD has broken the support at 1.1098, confirming an underlying bearish trend. The psychological support at 1.1000 is challenged. Hourly resistances can be found at 1.1144 (intraday high) and 1.1245 (27/02/2015 high).

• In the longer term, the symmetrical triangle favours further weakness towards parity. As a result, any strength is likely to be temporary in nature. Key resistances stand at 1.1534 (03/02/2015 high) and 1.1679 (21/01/2015 high). Key supports can be found at 1.1000 (psychological support) and 1.0765 (03/09/2003 low).

Await fresh signal.

GBP/USD

Approaching the support at 1.5197.

• GBP/USD is weakening and is now close to the support at 1.5197 (see also the 61.8% retracement). Hourly resistances lie at 1.5317 (17/02/2015 low) and 1.5398 (03/03/2015 high). A key support stands at 1.4952.

• In the longer term, the recent rise is seen as an oversold rebound, whose upside potential should be capped by the key resistances at 1.5620 (31/12/2014 high) and 1.5826 (27/11/2014 high). A strong support stands at 1.4814.

Await fresh signal.

USD/JPY

Monitor the resistance at 120.48.

• USD/JPY continues to move within a shortterm rising channel. However, a key resistances area stands between 120.48 (11/02/2015 high) and 120.83. Hourly supports can be found at 119.38 (03/03/2015 low) and 119.12 (see also the rising channel).

• A long-term bullish bias is favoured as long as the key support at 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 yet. A gradual rise towards the major resistance at 124.14 (22/06/2007 high) is therefore favoured. A key support can be found at 115.57 (16/12/2014 low).

Await fresh signal.

USD/CHF

Approaching the key resistance at 0.9831.

• USD/CHF continues to rise and is now approaching the key resistance at 0.9831. Hourly supports can be found at 0.9593 (04/03/2015 low) and 0.9527 (02/03/2015 low).

• In the longer-term, the bullish momentum in USD/CHF has resumed after the decline linked to the removal of the EUR/CHF floor. The break of the key resistance at 0.9554 (16/12/2014 low) opens the way for a further rise towards the other key resistance at 0.9831 (25/12/2014 low). Another resistance is given by the 1.0000 psychological level. A key support can now be found at 0.9374 (20/02/2015 low, see also the 200-day moving average).

Await fresh signal.

USD/CAD

Moving sideways.

• USD/CAD continues to move sideways near the key support area between 1.2352 and 1.2314. Hourly resistances can be found at 1.2566 (02/03/2015 high) and 1.2664.

• 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). The recent weakness is seen as a medium-term corrective phase. Key supports stand at 1.2314 (22/01/2015 low) and 1.2047 (intraday low).

Await fresh signal.

AUD/USD

The declining channel favours a bearish bias.

• AUD/USD has bounced near the hourly support at 0.7740 (24/02/2015 low). However, significant resistances are given by the declining channel (around 0.7873) and 0.7913 (26/02/2015 high). A key support stands at 0.7626.

• 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

Short-term bearish reversal pattern validated.

• GBP/JPY has broken to the downside out of the short-term range defined by the hourly support at 183.54 and the hourly resistance at 185.03. The implied downside risk is given by 182.05. Another support stands at 181.54 while a key support can be found at 180.17. An hourly resistance now lies at 183.73 (05/03/2015 high).

• In the long-term, the lack of any medium-term bearish reversal pattern favours a bullish bias. A strong support area is given by the 200-day moving average (around 177.50) and 175.51 (03/02/2015 low). A strong resistances stands at 190.00 (psychological threshold).

Await fresh signal.

EUR/JPY

Challenging the support at 132.00.

• EUR/JPY has weakened further and is now challenging the support at 132.00. Another support can be found at 130.15. Hourly resistances now stand at 133.59 (05/03/2015 low, see also the declining channel) and 134.60 (02/03/2015 high).

• 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), whereas key resistances can be found at 137.64 (20/01/2015 high) and 141.72 (08/01/2015 high).

Await fresh signal.

EUR/GBP

Remains weak.

• EUR/GBP remains weak despite its proximity to the low of its long-term declining channel, as can be seen by the breach of the hourly support at 0.7234 (02/03/2015 low). Hourly resistances can be found at 0.7302 (02/03/2015 high) and 0.7349 (24/02/2015 high).

• 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. A key support can be found at 0.7089 (03/12/2007 low). A key resistance now lies at 0.7596 (16/01/2015 low).

Await fresh signal.

EUR/CHF

Challenging the resistance at 1.0761.

• EUR/CHF is moving roughly sideways. Monitor the resistance at 1.0761, as a break would invalidate the succession of lower highs. Hourly supports can be found at 1.0611 and 1.0551. A key resistance stands at 1.0812.

• The EUR/CHF is again a free-floating currency and has declined to uncharted water. The break of the key resistance at 1.0600 indicates an improving buying interest. Another key resistance stands at 1.1002 (02/09/2011 low). However, the ECB's QE programme is likely to cause persistent selling pressures on EUR/CHF, which should weigh on EUR/CHF. A key support can be found at 1.0357 (30/01/2015 low).

Await fresh signal.

GOLD (in USD)

Declining towards the low of its shortterm range.

• Gold is weakening within its range defined by the support at 1191 and the resistance at 1223. Furthermore, the declining trendline continues to favour a bearish bias. A key support can be found at 1168 (02/01/2015 low). Another resistance stands at 1246 (10/02/2015 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 (see declining channel). A key support stands at 1132 (07/11/2014 low).

Await fresh signal.

SILVER (in USD)

Testing the support at 16.11.

• Silver continues to move below its declining trendline. Monitor the test of the hourly support at 16.11, as a decisive break would open the way for a decline towards the key support at 15.53. Hourly resistances are given by the declining trendline (around 16.50) and 16.90 (26/02/2015 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 stands at 18.89 (16/09/2014 high).

Await fresh signal.