EUR/CHF: Steady bearish pressures

EUR/CHF

Steady bearish pressures.

• EUR/CHF bearish pressures continue despite short term demand. Strong resistance is given at 1.0762 (27/12/2016 high). Anyway, the mediumterm 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

Weak bullish bounce.

• EUR/JPY continues to improve after testing 118.73 support. Hourly resistance can be located at 120.55 (17/01/2017 low). Strong resistance is given at a distance at 123.31 (27/01/2017 high). Given dominate bearish trend expected to start another leg lower.

• 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

Pushing higher.

• EUR/GBP has further improved preparing to test bearish trend channel at 0.8549. As key 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.