GBP/JPY - Successful test of the support at 185.02

EUR/USD

Monitor the resistance at 1.2456.

• EUR/USD has bounced after having posted new lows. However, as long as prices remain below the hourly resistance at 1.2456 (see also the declining trendline), the technical structure favours a short-term bearish bias. Another resistance can be found at 1.2532. Hourly supports now lie at 1.2341 (intraday low) and 1.2247.

• In the longer term, EUR/USD is in a downtrend since May 2014. The break of the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) calls for a decline towards the strong support at 1.2043 (24/07/2012 low). A key resistance stands at 1.2600 (19/11/2014 high).

Sell limit 2 units at 1.2522, Obj: Close unit 1 at 1.2305, remaining at 1.2070., Stop: 1.2610

GBP/USD

Succession of lower highs is still in place.

• GBP/USD has bounced after having broken the support at 1.5593. However, the hourly resistance at 1.5726 (04/12/2014 high) has held thus far. Hourly supports can be found at 1.5626 (09/12/2014 low) and 1.5542. A key resistance stands at 1.5826 (see also the declining trendline).

• In the longer term, the break of the support at 1.5855 (12/11/2013 low) confirms an underlying bearish trend. A conservative downside risk is given by a test of the support at 1.5423 (14/08/2013 low). Another support can be found at 1.5102 (02/08/2013 low). A key resistance lies at 1.5945 (11/11/2014 high).

Await fresh signal.

USD/JPY

Successful test of the support at 117.87.

• USD/JPY declined sharply during yesterday's session. However, yesterday's long daily shadow indicates a surge in buying interest near the support at 117.87. Hourly resistances can be found at 119.92 (intraday high, see also the 50% retracement of the recent decline) and 121.00 (09/12/2014 high). A key support stands at 117.24.

• A long-term bullish bias is favoured as long as the key support 110.09 (01/10/2014 high) holds. Given the major resistance at 124.14 (22/06/2007 high) and the overextended rise, the odds to see a medium-term consolidation phase are elevated. However, there is no sign to suggest the end of the long-term bullish trend.

Await fresh signal.

USD/CHF

The support at 0.9649 has held thus far.

• USD/CHF has weakened near the key resistance at 0.9839 (22/05/2013 high). However, the steepest rising trendline and the successful test of the support at 0.9649 continue to favour a short-term bullish bias. Hourly resistances can be found at 0.9743 (intraday high) and 0.9778 (09/12/2014 high).

• From a longer term perspective, the technical structure favours a full retracement of the large corrective phase that started in July 2012. A major resistance area stands between 0.9972 (24/07/2012 high) and 1.0067 (01/12/2010 high). A key support can be found at 0.9351 (19/11/2014 low).

Await fresh signal.

USD/CAD

Slow gradual rise underway.

• USD/CAD has broken the resistance at 1.1467 (05/11/2014 high), confirming the underlying bullish trend. Despite yesterday's decline, the short-term rising trendline remains in place. An hourly support stands at 1.1386 (intraday low, see also rising trendline). Another support lies at 1.1340 (04/12/2014 low). An hourly resistance can now be found at 1.1501.

• In the longer term, the technical structure looks like a rounding bottom whose minimum upside potential is given by the strong resistance at 1.1725 (08/07/2009 high). However, as highlighted by the recent prices behaviour, this expected rise is likely to be very gradual. A strong support stands at 1.1072 (02/10/2014 low).

Await fresh signal.

AUD/USD

Short-term indecision.

• AUD/USD is making new lows, confirming a negative underlying downtrend. However, the daily dojis of the last two days suggest some short-term indecision. Hourly resistances can now be found at 0.8372 and 0.8447 (see also the 38.2% retracement). An hourly support lies at 0.8224.

• In the long-term, the break of the strong support at 0.8660 (24/01/2014 low) confirms the underlying long-term bearish trend and opens the way for further weakness. A strong support area stands between 0.8067 (25/05/2010 low) and 0.7947 (61.8% retracement of the 2009-2011 rise). A key resistance can be found at 0.8615 (27/11/2014 high).

Await fresh signal.

GBP/JPY

Successful test of the support at 185.02.

• GBP/JPY has declined sharply near the psychological resistance at 190.00. However, the support at 185.02 has spurred some buying interest, favouring a more sideways evolution. Hourly resistances can be found at 187.83 (intraday high) and 189.27 (intraday high). Another key support lies at 183.98.

• In the long-term, the trend is positive as long as the key support at 178.74 (23/09/2014 high) holds. The break of the strong resistance at 180.72 (19/09/2014 high) opens the way for further strength. A key resistance stands at 197.45 (24/09/2008 high). A key support lies at 180.72 (19/09/2014 high).

Await fresh signal.

EUR/JPY

Monitor the support at 147.09.

• EUR/JPY has weakened near the psychological resistance at 150.00. Monitor the test of the support at 147.09 (see also the 61.8% retracement). A break of the hourly resistance at 148.37 (intraday high) would favour a sideways consolidation. Another hourly resistance can be found at 148.88 (09/12/2014 high), whereas another support stands at 146.30.

• The long-term technical structure remains positive as long as the key support at 141.23 (19/09/2014 high) holds. Monitor the test of the psychological resistance at 150.00. Another resistance stands at 157.00 (08/09/2008 high). A key support stands at 144.79.

Await fresh signal.

EUR/GBP

Fading near the resistance at 0.7924.

• EUR/GBP is moving sideways. However, as long as prices remain below the resistance at 0.7924 (see also the declining trendline), a bearish bias is favoured. Hourly supports can be found at 0.7833 and 0.7799. Another resistance stands at 0.7977.

• In the longer term, the major support area between 0.7755 (23/07/2012 low) and 0.7694 (20/10/2008 low) has held thus far. However, a decisive break of the resistance at 0.8034 (25/06/2014 high, see also the declining channel and the 200-day moving average) is needed to confirm an improving technical structure.

Sell limit 2 units at 0.7939, Obj: Close unit 1 at 0.7833, remaining at 0.7705., Stop: 0.7987

EUR/CHF

Buying interest remains shallow.

• EUR/CHF's recent strength is unimpressive, highlighting a light buying interest. An hourly resistance area can be found between 1.2045 (previous support) and 1.2058 (06/11/2014 high).

• In September 2011, the SNB put a floor at 1.2000 in EUR/CHF, which will be enforced with the "utmost determination". For the time being, a break of this threshold is very unlikely. As a result, further tight sideways moves are favoured.

Await fresh signal.

GOLD (in USD)

Pushing higher.

• Gold has resumed its short-term uptrend by breaking the hourly resistance at 1221 (01/12/2014 high). The resistance at 1236 (see also the declining trendline) is challenged. A key resistance stands at 1255. Hourly supports can be found at 1221 (01/12/2014 high) and 1199 (09/12/2014 low).

• In the long-term, the move below the strong support at 1181 (28/06/2013 low) confirms the underlying downtrend and opens the way for further declines towards the strong support at 1027 (28/10/2009 low). A break of the strong resistance at 1255 (21/10/2014 high) is needed to invalidate this bearish outlook.

Await fresh signal.

SILVER (in USD)

Bullish breakout of the resistance at 16.73.

• Silver has resumed its short-term uptrend by breaking the key resistance at 16.73 (25/11/2014 high, see also the declining trendline). Another resistance lies at 17.41 (28/10/2014 high), while a key resistance stands at 18.00 (23/09/2014 high). An hourly support can be found at 16.80 (01/12/2014 high).

• In the long-term, the break of the major support area between 18.64 (30/05/2014 low) and 18.22 (28/06/2013 low) confirms an underlying downtrend. Although the strong support at 14.66 (05/02/2010 low) has held thus far, the lack of any base formation continues to favour a long-term bearish bias. A key resistance lies at 18.00 (23/09/2014 high). Another key support can be found at 11.77 (20/04/2009 low).

• We have raised the stop-loss of our long position.

Long 1 unit at 16.83, Obj: Close position at 17.28., Stop: 16.98 (Entered: 2014-12-09)