EUR/JPY: Old support becomes new resistance

EUR/CHF

Direction-less.

• EUR/CHF is still moving sideways in a choppy trading pattern. Yet, the pair has picked up a slight bullish trend with higher lows. Hourly resistance is given at 1.0762 (27/12/2016 high) while hourly support can be found at 1.0678 (21/12/2016 low). The medium-term pattern suggests us to see continued bearish pressures towards key support that can be found at 1.0623 (24/06/2016 low).

• In the longer term, the technical structure remains positive. Resistance can be found at 1.1200 (04/02/2015 high). Yet,the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

 

EUR/JPY

Old support becomes new resistance.

• EUR/JPY is trading mixed. The pair is stalling below former support given at 121.68. Weak demand indicates no near term challenge to range top. Expect to see increasing short-term bearish pressures.

• In the longer term, the technical structure validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. Strong support at 94.12 (24/07/2012 low) looks nonetheless far away.

 

EUR/GBP

Sharp bearish consolidation.

• EUR/GBP is back within former uptrend channel. Hourly resistance is given at 0.8854 (15/01/2017 high). A break of 0.8600 would indicate further momentum. The technical structure suggests that bullish pressures should continue. Expected to show continued strengthening.

• In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading far above from its 200 DMA. Strong resistance can be found at 0.9500 psychological level.