USD/CAD: Monitoring uptrend channel

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EUR/USD

Moving higher.

• EUR/USD has been range-bound after piercing 1.0600 yet remains in a downtrend channel. The technical structure is clearly negative. Hourly support is given at 1.0591 (23/11/2015 low). Hourly resistance can be found at 1.0763 (19/11/2015 high). Stronger resistance stands at 1.0897 (05/11/2015 high). Expected to show consolidation of the pair.

• In the longer term, the technical structure favours a bearish bias as long as resistance holds. Key resistance is located region at 1.1453 (range high) and 1.1640 (11/11/2005 low) is likely to cap any price appreciation. The current technical deteriorations favours a gradual decline towards the support at 1.0504 (21/03/2003 low).

GBP/USD

Consolidating.

• GBP/USD is holding below 1.5200. Hourly support at 1.5109 (23/11/2015 low) has been broken. Hourly support lies at 1.5027 (06/11/2015 low). Strong resistance can be found at 1.5529 (22/09/2015 high). Expected to show continued weakness.

• The long-term technical pattern is negative and favours a further decline towards the key support at 1.5089 , as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.

USD/JPY

Momentum reversal.

• USD/JPY has reversed recent bullish momentum, correcting sharply lower. Support is located at 122.23 (16/11/2015 low). Expected break of the support at 122.23.

• A long-term bullish bias is favored as long as the strong support at 115.57 (16/12/2014 low) holds. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) is favored. A key support can be found at 116.18 (24/08/2015 low).

USD/CHF

Fading momentum.

• USD/CHF is targeting again the hourly support at 1.0122 (18/11/2015 low). Hourly resistance is given at 1.0226 (23/11/2015 low). The technical structure still suggest that the upside momentum is at stake. Expected to show reversed momentum.

• In the long-term, the pair has broken resistance at 0.9448 and key resistance at 0.9957 suggesting further uptrend. Key support can be found 0.8986 (30/01/2015 low). As long as these levels hold, a long term bullish bias is favoured.

USD/CAD

Monitoring uptrend channel.

• USD/CAD remains in the uptrend channel even if the technical structure indicates deeper downside correction. Significant supports stand at 1.3225 (12/11/2015 low) and resistance lies at 1.3457 (29/09/2015 high). Expected to recover as uptrend is still in play.

• In the longer term, the break of the key resistance at 1.3065 (13/03/2009 high) has indicated increasing buying pressures, which favours further medium-term strengthening. Support can be found at 1.2832 (15/10/2015 low) then 1.1731 (06/01/2015 low).

AUD/USD

Further bullish gains.

• AUD/USD's momentum is growing. Hourly support lies at 0.7017 (08/11/2015 low) and the break of the hourly resistance at 0.7250 (20/11/2015 high) confirms the strength of the bullish momentum. Expected to show increasing buying interest.

• In the long-term, there is no sign to suggest the end of the current downtrend. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view. In addition, we still note that the pair remains well below the 200-dma which confirms selling pressures.

EUR/CHF

Moving sideways.

• EUR/CHF is trading without any real direction. Yet, a bearish bias is still favoured given the recent lower highs. Hourly support lies at 1.0733 (28/08/2015 low). Resistance can be found at 1.0908 (declining channel resistance). Expected to further decline.

• In the longer term, the technical structure remains negative as long as prices remain below the resistance at 1.1002 (02/09/2011 low). 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

Bearish consolidation.

• EUR/JPY's momentum is still bearish despite bearish pause. Hourly support can be located at 130.20 (intraday low). The pair is nonetheless currently moving sideways. Hourly resistance lies at 133.39 (30/10/2015 high). Stronger resistance is located at 137.45 (17/09/2015 high). Expected to show continued weakness.

• In the longer term, the break of the support at 130.15 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. Key supports stand at 124.97 (13/06/2013 low) and 118.73 (25/02/2013 low). A key resistance can be found at 141.06 (04/06/2015 high).

EUR/GBP

Targeting resistance at 0.7111.

• EUR/GBP's short-term bullish momentum is growing. Hourly support lying at 0.6982 (17/11/2015 low) has been broken. Resistance can be found at 0.7111 (12/11/2015 high). Expected to test again support at 0.6982.

• In the long-term, prices are in an underlying declining trend. The general oversold conditions suggest a limited medium-term downside potential. A key resistance lies at 0.7592 (03/02/2015 high).

GOLD (in USD)

Bouncing back from 1081.

• Gold has bounced back from 1081 which indicates continued bearish momentum. Support is given at 1045 (05/02/2015 low) and hourly resistance is given at 1110 (06/11/2015 high). Expected to show further weakness.

• In the long-term, the underlying downtrend (see declining channel) continues to favour a bearish bias. A break of the resistance at 1223 is needed to suggest something more than a temporary rebound. A major support can be found at 1045 (05/02/2010 low).

SILVER (in USD)

Short-term bearish.

• Silver is up for the third day in a row. Yet, the metal is struggling to go any higher and next resistance at 15.45 (declining channel) seems far. Expected to show continued weakness toward hourly support at 14.

• 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. The strong support at 14.66 (05/02/2010 low) has been broken and prices have then consolidated. A key resistance stands at 18.89 (16/09/2014 high).

Crude Oil (in USD)

Continued strong bullish rally off 40.00 support.

• Crude oil has been able to stage a solid rally above broken support at 40.06 (16/11/2015 low). Yet the commodity is still within the 2-week range indicating a reversal is possible. Resistance at 42.75 (23/11/2015 high) has been cleared. Yet, the medium-term technical structure is clearly negative in a context of oil oversupply. Expected to show continued weakness.

• In the long-term, crude oil has not shown signs of recovery. Strong support lies at 37.75 (24/08/2015) and 32.40 (18/08/2015 low). Expect Nonetheless, crude oil is holding way below its 200-Day Moving Average (setting up at 50). Any break of the resistance at 60.72 (05/07/2015) would confirm an underlying uptrend.

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