USDJPY: Volatile but upward oriented

Peter A Rosenstreich Swissquote Bank Ltd

EUR/USD

Ready for another leg higher.

EUR/USD is slowly increasing. The pair is maintained at a resistance given at 1.2325 (17/01/2018 high) and hourly support at 1.2165 (17/01/2017 low). The technical structure suggests further short-term upside moves.
In the longer term, the momentum is turning largely positive. We favor a continued bullish bias. Key resistance is holding at 1.2856 (15/10/2014 high) while stron

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GBP/USD

Increase.

GBP/USD is upward oriented. The strong resistance at 1.3940 (17/01/2018) is now broken. The technicals is therefore positive. Hourly support remains at a distance of 1.3458 (11/01/2018 low).
The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline but the pair is now moving upward. A long-term support given at 1.1841 (07/10/2017 low) and a strong resistance at 1.5018 (24/06/2016 high) are identified.

USD/JPY

Volatile but upward oriented.

USD/JPY's demand increases at lower pace and is held at 111.10. Still a long way to go before reaching the 111.50 (17/01/2018) resistance point. Hourly support is now at 110.33 (15/01/2018 low). The technical structure suggests further short-term upside moves.
We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).

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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