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Market Brief
EURUSD EUR/USD is still pushing higher. Hourly resistance can be found at 1.1479 (06/05/2016 high) and hourly support is given at 1.1326 (06/06/2016 low) and 1.1132 (03/06/2016 low). The technical structure suggests further increase toward resistance at 1.1479. In the longer term, the technical structure favours a very long-term bearish bias as resistance at 1.1714 (24/08/2015 high) holds. The pair is trading in range since the start of 2015. Strong support is given at 1.0458 (16/03/2015 low). However, the current technical structure since last December implies a gradual increase.
GBPUSD GBP/USD is trading mixed. Hourly resistance is given at 1.4660 (07/06/2016 high) and stronger resistance is located at 1.4770 (03/05/2016 high). Expected to show renewed bullish momentum toward resistance at 1.4770 as support at 1.4300 (21/04/2016 low) is not monitored and selling pressures seem slight. The long-term technical pattern is negative and favours a further decline towards key support at 1.3503 (23/01/2009 low), as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.
USDJPY USD/JPY's selling pressures continues despite slowing down. Hourly support can be found at 106.25 (04/05/2016 low while hourly resistance is given at 107.89 (intraday high). The medium term momentum is clearly oriented downwards. Expected to further weaken. We favour a long-term bearish bias. Support at 105.23 (15/10/2014 low) is on target. A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems now less likely. Another key support can be found at 105.23 (15/10/2014 low).
USDCHF USD/CHF keeps on weakening. The pair has broken hourly support at 0.9652 (06/05/2016 low) and is now heading toward support at 0.9533 (04/05/2016 low) while hourly resistance can be found at 0.9783 (05/06/2016 high). Expected to show a continued bearish move. 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 a long term bullish bias since last December.
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