EUR/USD Consolidating
EUR/USD is approaching hourly support at 1.2165 (17/01/2018 low), currently trading sideways. Hourly resistance remains at 1.2434 (06/02/2018 high). The technical structure suggests sideways 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).
GBP/USD Monitoring support at 1.3742
GBP/USD trades below 1.38, approaching hourly support at 1.3742 (16/01/2018 low). The upward trend of November 2017 remains however intact. Hourly resistance is given at 1.4151 (05/02/2018 high). The technical structure suggests further short-term downside moves.
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 Decline
USD/JPY decreases, trading below 107. USD/ JPY downward pattern is maintained. Hourly support and resistance are given at 105.55 (16/02/2018 low) and 107.90 (14/02/2018 high). The technical structure suggests short-term declining moves.
We favor a long-term bearish bias. Support at 105.55 (03/05/2016 low) is almost reached. 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).
USD/CHF Testing hourly resistance at 0.9469
USD/CHF interrupted its consolidation phase, trading above 0.9450. The pair approaches hourly resistance at 0.9469 (24/01/2018 high). Hourly support remains at 0.9188 (16/02/2018 low). The technical structure suggests short-term increase.
In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support lies at 0.9072 (07/05/2015 low) while resistance at 1.0344 (15/12/2016 high) is distanced. The technical structure favours a long term bullish bias since the unpeg in January 2015.
USD/CAD Bullish momentum
USD/CAD recent bounce continues, the pair trades above 1.28 and broke hourly resistance at 1.2796 (25/12/2018 high), approaching hourly resistance at 1.2874 (29/11/2017 high). Hourly support is maintained at 1.2466 (15/02/2018 low). The technical structure indicates that continued rise is expected in the short-term.
In the longer term, the pair is trading between resistance point at 1.3805 (05/05/2017 high) and support at 1.2128 (18/06/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head lower. The pairs is trading above its 200 DMA.
AUD/USD Descending
AUD/USD finally broke hourly support at 0.7773 (14/02/2018 low) and heads along the 0.77 range, approaching hourly support at 0.7638 (15/12/2017 low). Hourly resistance given at 0.7999 (17/01/2018 high) is distanced. The short-term technical structure suggests further continued downward moves.
In the long-term, the upward trend slows down after failing to reach key resistance at 0.8164 (14/05/2015 low). Key support stands at 0.6009 (31/10/2008 low). A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.
EUR/GBP Recovery falters
EUR/GBP recovery phase is interrupted after breaking hourly resistance at 0.8873 (10/01/2018), a consolidation phase along the 0.886 is likely. The pair is maintained between hourly support and resistance given at 0.8756 (04/12/2017 low) and 0.8929 (12/01/2018 high). The technical structure suggests short-term sideway moves.
In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. Strong resistance can be found at 0.9500 (psychological level) while support remains at 0.8304 (05/12/2016 low). The pair is trading below its 200 DMA.
EUR/CHF Indistinct trading
EUR/CHF is currently trading above the 1.15 range and trades sideways. The pair lies between hourly support and resistance at 1.1471 (09/02/2018 low) and 1.162 (07/02/2018 high). The technical structure suggests short-term sideway moves.
In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, the ECB's slowing QE program is likely to cause buying pressures on the euro, which should weigh in favour of the EUR/CHF. Support can be found at 1.0234 (20/04/2015 low).
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