GBP/USD: Strengthening
|EUR/USD
Overshooting.
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EUR/USD made a drastic rise, reaching the 1.25 range and heading toward 1.2537. Hourly resistance is now at 1.2537 (25/01/2018 high) while hourly support is maintained at 1.2165 (17/01/2018 low). The technical structure suggests further upside moves.
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In the longer term, the momentum is turning largely positive. We favor a continued bullish bias. Key resistance is holding at 1.2886 (15/10/2014 high) while strong support lies at 1.1554 (08/11/2017 low).
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GBP/USD
Strengthening.
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GBP/USD continues bouncing and trades between resistance at 1.4003 (23/01/2018 high) and support at 1.3742 (16/01/2018 low). The technical structure suggests further upside move.
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The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline but the pair is moving to 2016 highs. Long-term support and resistance are given at 1.1841 (07/10/2017 low) and 1.5018 (24/06/2016 high).
USD/JPY
Failing to bounce.
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USD/JPY is declining again under strong selling pressures, heading toward 106 range. Hourly resistances at 111.50 (18/01/2018) and 113.75 (12/12/2017 high) are further distanced. The technical structure suggests short-term downside moves.
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We favor a long-term bearish bias. Support is given at 105.55 (03/05/2016 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 low).
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