FX Majors: GBP/USD Upward Trend
Swissquote Ltd | Jan 18, 2018 12:00
EUR/USD Pushing higher
EUR/USD is slightly increasing after yesterday's downward pressure. Hourly resistance is given at 1.2297 (15/01/2018 high). hourly support is located at 1.2190. Stronger support is given a distance at 1.1916 (09/01/2018 low).
In the longer term, the momentum is now turning largely positive. We favour a continued bullish bias. Key resistance is holding at 1.2856 (15/10/2014 high) while strong support lies at 1.0341 (03/01/2017 low).
GBP/USD Upward trend
GBP/USD is maintaining its uptrend bias. The technicals remain positive. Hourly support is given at a distance at 1.3458 (11/01/2018 low) while strong resistance at 1.3764 (15/01/2018 high) is being monitored.
The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline. The pair has set up a long-term support given at 1.1841 (07/10/2017 low). A reversal is currently happening. Strong resistance is given at 1.5018 (24/06/2016 high).
USD/JPY Short rebound momentum?
USD/JPY is bouncing up after its recent fall at 110.30 (17/01/2018). A break of the hourly resistance at 110.85 is now confirmed and may potentially suggest a trend change. However strong resistance remains at 113.75 (12/12/2017 high). 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).
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USD/CHF Riding lower
USD/CHF rebounces downward after a slight increase yesterday. The short-term technical structure is negative as long as prices remain below the hourly resistance at 0.9665 (16.01/2018). A key resistance stands at 0.9700 (02/01/2018 low). An hourly support lies at 0.9573 (16/01/2018 low).
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 Bounce maintained
USD/CAD remains weak as long as prices remain below the key resistance at 1.2589 (01/01/2018 high). Supports of 1.2403 (15/01/2018) is slightly distanced. Another resistance is given at 1.2624 (05/12/2017), whereas a strong support lies at 1.2356 (05/01/2018). Expected to show renewed shortterm weakness.
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 Riding higher
AUD/USD's upside pressures are growing. Hourly resistance is now given at 0.8025 (17/01/2018 high). Support stands at 0.7849 (12/01/2018 low). The road is wide open for further upside.
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 Downward skewed
EUR/GBP has contracted after breaking rising channel top. The pair is trading between support at 0.8689 (08/12/2017 low) and resistance is located at 0.9046 (14/09/2017 high).
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 Moving higher after slight decrease
EUR/CHF bullish momentum has paused. Hourly resistance is given at 1.1832 (15/01/2018 high). Expected to show short-term short-term 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 programm 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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