EURJPY: Bouncing On And Off

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 patter 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

Bouncing on and off.

• EUR/JPY is bouncing within the current 121.68 to 124.10 range. Weak demand indicates no near term challenge to range top. Hourly support is located at 122.02 (05/01/2017 low) and hourly resistance can be found at 123.68 (intraday high). Expect to go way lower in case the pair breaks 122.00.

• 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

Short-term retracement.

• EUR/GBP is finally consolidating. Bullish pressures should nonetheless start again. Hourly support area is given at 0.8657 (intraday low). Expected to show a continued bullish momentum towards 0.8800.

• 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.