EUR/USD
Moving sideways.
EUR/USD is moving sideways between the support at 1.3249 (11/01/2013 low) and the resistance at 1.3404. We favour a break to the upside. A key resistance is at 1.3487 (24/02/2012 high).
The higher low in July 2012 (compared to July 2010) and the recent new high above the strong resistance at 1.3172 suggest an improvement of the underlying trend. Strong resistances can be found at 1.3487 and 1.4247 (27/10/2011 high).
Await fresh signal.
GBP/USD
Challenging a strong support area.
GBP/USD is challenging its key support area between 1.5829 (15/11/2012 low) and 1.5755 (28/08/2012 low). In the short-term, the decline is overextended, suggesting that a rebound is likely. Monitor the hourly horizontal range between the support at 1.5802 and 1.5893.
GBP/USD is moving in a long-term horizontal range defined by the strong support at 1.5235 (13/01/2012 low) and the strong resistance at 1.6302 (30/04/2012 high).
Long 3 at 1.5842, Objs: 1.5953/1.6079/1.6290, Stop: 1.5731 (Entered: 2013-01-21)
USD/JPY
Bouncing.
USD/JPY remains in a succession of higher lows and higher highs. The resistances for the current bounce can be found at 89.41 (61.8% retracement of the decline from 90.25) and 90.25. A key support is at 87.79. Another support can be found at 86.83.
USD/JPY has validated a long-term bullish trend reversal formation by breaking the strong resistance at 85.53 (06/04/2011 high). The first long-term objective is the key resistance at 94.99 (04/05/2010 high). Another key resistance can be found at 101.45 (06/04/2009 high).
Long 3 at 88.78, Objs: 89.88/92.79/94.48, Stop: 87.68 (Entered: 2013-01-22)
USD/CHF
Monitor the support at 0.9275.
USD/CHF has thus far failed to break its key resistance at 0.9383 (see also the high of the declining channel on a daily chart). A break of the hourly support at 0.9275 (16/01/2013 low) would open the way for a deeper correction. Another support is at 0.9218. An hourly resistance can be found at 0.9347 (22/01/2013 high).
The break of prior support at 0.9423 (18/06/2012 low) has invalidated the succession of higher lows that started in August 2011. The lower low made on 20 December 2012 confirms a bearish bias. A medium-term decline towards the key support at 0.8931 (24/02/2012 low) is expected.
Await fresh signal.
USD/CAD
Bullish breakout at 0.9973.
USD/CAD has broken to the upside out of its horizontal range between 0.9825 and 0.9973. A test of the resistance at 1.0057 (16/11/2012 high) is likely. Hourly supports can be found at 0.9973 (31/12/2012 high). Another support is at 0.9947 (18/01/2013 high).
The underlying trend is negative (see mediumterm declining channel in the daily time frame). Therefore, we see the rise from 0.9633 (14/09/2012 low) as a countertrend move. A test of the support at 0.9633 (14/09/2012 low) is likely in the next six months.
Await fresh signal.
AUD/USD
Testing its short-term rising trendline.
AUD/USD is challenging its short-term rising trendline. A horizontal support can be found at 1.0465 (07/01/2013 low). A strong resistance area lies between 1.0586 (12/12/2012 high) and 1.0625 (14/09/2012 high).
AUD/USD is moving within the medium-term horizontal range defined by the support at 1.0177 (25/07/2012 low) and the resistance at 1.0613 (09/08/2012 high).
Await fresh signal.
GBP/JPY
Bouncing close to the support at 139.41.
GBP/JPY has thus far successfully tested its support at 139.41 (09/01/2013 low). The steep hourly declining trendline is challenged. Hourly resistances can be found at 142.82 (22/01/2013 high) and 144.27 (17/01/2013 high).
GBP/JPY has broken its strong resistance at 140.03 (08/04/2011 high). Further long-term strength towards the key resistance at 163.09 (07/08/2009) is expected.
Await fresh signal.
EUR/JPY
Bouncing.
EUR/JPY has bounced from its steep rising trendline. Hourly resistances are given by the hourly declining trendline and 120.71. A strong support is at 116.47.
EUR/JPY has moved above its key resistance at 111.60 (31/10/2011 high). The long-term technical configuration favours further strength towards the strong resistance at 123.33 (11/04/2011 high). A key support is at 110.63 (21/12/2012 low).
Await fresh signal.
EUR/GBP
Moving sideways.
EUR/GBP is moving sideways since 22 January. Monitor the hourly support at 0.8364 (22/01/2013 low) and the hourly resistance at 0.8441 (22/01/2013 low).
The breakout above the resistance at 0.8225 confirms the validity of the medium-term bullish head and shoulders. Further medium-term rise towards the strong resistance at 0.8506 (24/02/2012 high, see also long-term declining trendline linking the January 2009 peak with the one on July 2011) is expected.
Await fresh signal.
EUR/CHF
Bouncing.
EUR/CHF has failed to make a daily close above its strong resistance area between 1.2474 (19/10/2011 high) and 1.25 (psychological threshold). Monitor the support at 1.2306 (15/01/2013 low) and the resistance at 1.2454.
We favour further medium-term upside for the EUR/CHF towards the next psychological threshold at 1.30. Another resistance is at 1.3243. The SNB has put a floor at 1.2000 on EUR/CHF, which is expected to hold in the medium-term.
Long 3 at 1.2329, Objs: 1.2660/1.2985/1.3195, Stop: 1.1998 (Entered: 2013-01-23)
GOLD
Fading close to the key resistance area.
Gold is fading close to its key resistance area between 1695 (02/01/2013 high) and 1703 (18/12/2012 high, see also high of the declining channel). The hourly support at 1684 (18/01/2013 low) has been broken. Other supports can be found at 1667 (17/01/2013 low) and 1654 (11/01/2013 low).
Monitor the base formation defined by the support at 1626 and the resistance at 1695. A break to the upside would open the way for a move towards the resistance at 1755.
Gold is in a secular uptrend with strong support at 1523. Monitor the strong resistance area between 1791 and 1803.
Await fresh signal.
SILVER
Fading close to the resistance at 32.54.
Silver is fading close to the resistance at 32.54 (18/12/2012 high). Hourly supports are at 31.83 (22/01/2013 low, see also the low of the rising channel) and 31.67 (18/01/2013 low).
Silver, like Gold, has been able to hold above its key long-term support made on September 2011 (i.e. 26.07). The break of the long-term declining trendline favours a lengthy sideways move. Long-term horizontal resistance is at 37.48 (29/02/2012 high).
Await fresh signal.
