GBP/USD: Decreasing

Peter A Rosenstreich Swissquote Bank Ltd

EUR/USD

Slight decrease.

EUR/USD is decreasing following recent rise at 1.2245. Heading along the 1.2210 range. The pair is currently maintained between hourly support and resistance given at 1.2165 (17/01/2018 low) and 1.2506 (25/01/2018 high). The technical structure suggests short-term downward trading moves.
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

Decreasing.

GBP/USD recent bounce stops. The pair is trading at 1.3970, heading along the 1.3960 range. The pair is currently trading at mid-March low. Hourly support and resistance are given at 1.3905 (23/02/2018 low) and 1.4233 (31/01/2018 high). The technical structure suggests shortterm decrease.
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

Trading above 109.

USD/JPY bounce from 106.90 low continues, the pair trades above 109 and is heading along the 109.10 range. The bearish pattern started in January 2018 is weakening. Hourly support and resistance are given at 106.65 (22/02/2018 low) and 110.26 (05/02/2018 high). The short-term technical structure suggests continued shortterm upward moves.
We favor a long-term bearish bias. Support remains at 101.20 (09/11/2016 low). A gradual rise toward the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 101.20 (09/11/2016 low). The pair trades below its 200 DMA.

Author

Peter A Rosenstreich

Swissquote Bank Ltd

Peter Rosenstreich is Swissquote Bank’s Head of Market Strategy and manages the global strategy desk; he has held various positions in several banking institutions in the United States, Europe & Asia.

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