Peter A Rosenstreich
Swissquote Bank Ltd
EUR/USD
Grinding higher.
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EUR/USD is bouncing back following slight decline at 1.2286. Expected to increase along the 1.2360 range. Hourly support and resistance are given at 1.2165 (17/01/2018 low) and 1.2537 (31/01/2018 high). The technical structure suggests short-term increase.
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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
Stabilizing at the 1.41 range.
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GBP/USD is having a consolidation phase along the 1.41 range following recent break of hourly resistance at 1.4151 (05/02/2018). Hourly support and resistance remain at 1.3765 (09/02/2018 low) and 1.4345 (25/01/2018 high). The short-term bullish pattern is maintained. The technical structure suggests continued shortterm sideways trading moves.
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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
Starting a recovery phase.
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USD/JPY is recovering from recent fall at 104.64, breaking hourly support at 105.29 (02/03/2018). Expected to strengthen along the 105.20 range. Hourly support and resistance are now given at 104.30 (08/11/2016 low) and 107.90 (14/02/2018 high). The bearish pattern started in January 2018 is maintained. The short-term technical structure suggests short-term increase.
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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 largely below its 200 DMA.
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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