EURCHF: Renewed bearish pressures

EUR/CHF

Renewed bearish pressures.

• EUR/CHF's bearish pressures continues despite some consolidation. Strong resistance is given at 1.0762 (27/12/2016 high). Anyway, 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). We do not rule out a temporary surge.

• In the longer term, the technical structure is mixed. 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

Weakening.

• EUR/JPY has broken support given at 118.73 (05/12/2016 low) before bouncing back. Hourly resistance is given at a distance at 123.31 (27/01/2017 high). Expected to start another leg lower below 118.00.

• 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

Wide-open towards support at 0.8304.

• EUR/GBP is weakening. As resistance at 0.8645 holds, we do not rule out further weakness towards supports given at 0.8450 (03/01/2016 low) and at 0.8304 (05/12/2016)

• 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 above from its 200 DMA. Strong resistance can be found at 0.9500 psychological level.