Peter A Rosenstreich
Swissquote Bank Ltd
EUR/CHF
Steady bearish pressures.
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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.
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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.
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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.
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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.
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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)
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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.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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