EUR/USD Approaching resistance at 1.2434
EUR/USD continues its rise, nearing hourly resistance at 1.2434 (26/02/2018 high) and largely recovering from 1.2155 low. Hourly resistance at 1.2112 (12/01/2018 low) is distanced. The technical structure suggests further upward 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 Heading higher
GBP/USD is recovering back, approaching hourly resistance at 1.3945 (19/01/2018 high) and heading for the 1.40 range. Hourly support is given 1.3678 (12/01/2018 low). The technical structure suggests short-term increase.
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 Weakening
USD/JPY weakens back after reaching 106.46 and currently trading at the 105.75 range. Hourly resistance at 107.27 (25/02/2018 high) is distanced while hourly support at 104.97 (11/10/2016 high) approaches. The bearish pattern started in January 2018 is maintained. Hourly support is given at 106.35 (16/02/2018 high). The short-term technical structure suggests further short-term decrease.
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).
USD/CHF Sideways trading
USD/CHF is trading sideways after declining at 0.9339 and currently given at the 0.9385 range. The pair currently trades between hourly support and resistance at 0.9296 (05/02/2018 low) and 0.9520 (24/01/2018 high). The technical structure suggests short-term sideway moves.
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 Failing to break resistance at 1.3015
USD/CAD tries to recover after enduring a sharp decline at 1.2863, currently trading at the 1.2930 range. Hourly support and resistance are given at 1.2668 (26/02/2018 low) and 1.3015 (05/07/2018 high). The technical structure suggests short-term decrease.
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 Slight increase
AUD/USD is decreasing back following a slight rise at 0.7842. The pair is contained between hourly support and resistance at 0.7704 (24/12/2017 low) and 0.7879 (21/02/2018 high). Further support and resistance are given at 0.7638 (15/12/2018 low) and 0.7999 (17/01/2018 high). The technical structure suggests continued short-term 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 Strengthening
EUR/GBP increases further, breaking hourly resistance at 0.8954 (17/11/2018) and approaching hourly resistance given at 0.8982 (28/11/2018 high). Hourly support at 0.8883 (13/11/2017 low) is distanced. The short-term technical structure suggests further increase.
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 above its 200 DMA.
EUR/CHF Bullish trend continues
EUR/CHF bullish momentum is maintained, the pair broke hourly resistance at 1.162 (07/02/2018) and approaches hourly resistance at 1.1685 (26/01/2018 high). Hourly support at 1.1471 is distanced (09/02/2018 low). The technical structure suggests further short-term increase.
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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