EUR/USD Consolidating above 1.1700
EUR/USD's short-term bearish momentum has abruptly ended. Hourly resistance is given at 1.1961 (27/11/2017 high). Hourly support given at 1.1718 (12/12/2017 low). Expected to show sideways price action.
In the longer term, the momentum is now turning largely positive. We favour a continued bullish bias. Key resistance is holding at 1.2252 (25/12/2014 high) while strong support lies at 1.0341 (03/01/2017 low).
GBP/USD riding short-term downtrend channel
GBP/USD continues to move lower within downtrend short-term channel. The technical structure indicates further weakness. Support is given at a distance at 1.3302 (15/12/2017 low).
The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline. Long-term support can be found at 1.1841 (07/10/2017 low). Long-term resistance given around 1.35 is at stake and indicates a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.
USD/JPY ready for another leg lower
USD/JPY is ready to push lower. Hourly resistance is given at 113.75 (12/12/2017 high) while hourly support is given at 112.03 (15/12/2017 low). The technical structure suggests further weakness.
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).
USD/CHF rising downtrend channel
USD/CHF is trading lower. Yet, the technical structure indicates further downside risks. The pair has failed to hold consistently above the parity. Expected to go even lower.
In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours nonetheless a long term bullish bias since the unpeg in January 2015.
USD/CAD monitoring 1.29
USD/CAD is testing hourly resistance at 1.2917 (27/10/2017 high). Expected to show continued buying pressures.
In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head further lower.
AUD/USD pushing higher
AUD/USD's upside pressures are growing. Hourly resistance is given at a distance at 0.7695 (15/12/2017 high). Support stands at 0.7502 (08/12/2017 low). Expected to push even higher.
In the long-term, the trend is turning positive. Key supports 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 sideways price action
EUR/GBP is trading slightly lower. The pair is trading between support at 0.8689 (08/12/2017 low). Resistance is located at 0.8867 (05/12/2017 high). Expected to show further sideways trading.
In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 (psychological level).
EUR/CHF monitoring uptrend channel
EUR/CHF is testing support implied by the lower bound of the uptrend channel. Hourly resistance is given at 1.1737 (01/12/2017 high). Expected to show continued decline.
In the longer term, the technical structure has reversed. Strong resistance is given at 1.20 (level before the unpeg). Yet, 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).
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