EUR/USD Bearish consolidation
EUR/USD continues its bearish consolidation phase, trading at the 1.24 range, distancing hourly resistance at 1.2506 (25/01/2018 high). Hourly support remains at 1.2165 (17/01/2018 low). The technical structure suggests short-term sideways trading 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 Slight increase
GBP/USD is bouncing off from 1.4136 low, heading along the 1.42 range. The pair is contained between hourly support and resistance given at 1.4023 (15/02/2018 low) and 1.4278 (02/02/2018 high). The technical structure suggests short-term decrease.
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 is decreasing following recent sideways trading moves, approaching March 105.30 low. The bearish pattern started in January 2018 is maintained. The short-term technical structure suggests 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). The pair trades largely below its 200 DMA.
USD/CHF Decreasing below 0.95
USD/CHF consolidation phase continues, currently trading at 0.9490 and expected to decrease along the 0.9460 range. The pair is contained between hourly support and resistance given at 0.9296 (05/02/2018 low) and 0.9668 (17/01/2018 high). The technical structure suggests further short-term downward 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 Edging lower
USD/CAD is declining following recent rise at 1.2907, heading along the 1.2870 range. Hourly support and resistance remain at 1.2805 (12/03/2018 low) and 1.3308 (23/06/2017 high). The short-term 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 Approaching support at 0.7638
AUD/USD is declining further, currently trading at 0.7660 and heading along the 0.7650 range. Hourly support and resistance are given at 0.7638 (15/12/2017 low) and 0.7810 (28/12/2017 high). The technical structure suggests further 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 Trying to bounce
EUR/GBP is bouncing up from 0.8734 low, approaching the 0.8765 range. Hourly support and resistance are given at 0.8652 (17/11/2017 low) and 0.8834 (14/12/2017 high). The technical structure suggests short-term rise.
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 Declining after breaking resistance at 1.1779
EUR/CHF is starting a consolidation phase after breaking hourly resistance at 1.1779 ((05/01/2018 high). The pair is heading lower along the 1.1758 range. Hourly support and resistance are now given at 1.1599 (01/12/2017 low) and 1.1833 (15/01/2018 high). The shortterm technical structure suggests short-term decrease.
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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