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SILVER Bouncing

Swissquote Bank SA

Silver is continuing its bounce moves to slightly higher ends after a sharp correction (12/08/2017 low at 15.61). The short-term technical structure is negative as long as prices remain below the hourly resistance at 17.43 (15/01/2018 high). A key resistance stands at 18.21 (08/09/2017 high). Hourly support at 16.80 is broken. New support point is at 16.75 (23/01/2018 low).

In the long-term, the trend is rather negative. Further downside is very likely. The pair is trading at its 200 DMA. Resistance is located at 21.58 (10/07/2014 high). Strong support can be found at 11.75 (20/04/2009).

GOLD Heading Higher

Gold is pushing higher and is expected to break the 1'345 resistance point (15/01/2018 high). Hourly support is maintained at 1'306 (04/01/2018 low). The commodity is targeting a strong resistance point at 1357 (08/09/2017 high).

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary in order to confirm it. A major support can be found at 1045 (05/02/2010 low).

BITCOIN Flattening

Bitcoin is trading mixed. Hourly support is at 9'185 (17/01/2018 low). In the short-term, the technical structure suggests a continued bearish bias. Expected to show further decline.

In the long-term, the digital currency has had an exponential growth but also presented important downturns. There is decent likelihood that the currency could stabilize between 9'000 - 12'000 in 2018. Bitcoin is trading far above its 200 DMA (5K+ gap).

EUR/CHF Heading Lower

EUR/CHF is trading slightly lower. The pair is trading between support at 1.1710 (19/01/2018 low) and resistance at 1.1832 (15/01/2018 high). Expected to show further short-term downside moves.

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. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

EUR/GBP Downward Oriented

EUR/GBP is trading mixed. The pair is distancing the resistance at 0.8929 (01/12/2017 high) and endures downward pressure. Support at 0.8761 (14/12/2017 low) is being monitored. Expected to show further decline.

In the long-term, the pair has largely recovered from lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading below the range of its 200 DMA. Strong resistance can be found at 0.9500 (psychological level)

AUD/USD Increasing

AUD/USD's upside pressures are growing. Hourly resistance given at 0.8040 (19/01/2018) is near. Support stands at 0.7849 (12/01/2018 low). The technical structure indicates further shortterm upside move.

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.

USD/CAD Decreasing

USD/CAD is bouncing downward and turning back direction to the 1.2370 (17/01/2018 low) support point. Hourly resistance is given at 1.2520 (17/01/2018 high) while further resistance given at 1.2589 (01/01/2018) is momentarily out of reach. The technical structure indicates that additional weakness is achievable.

In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low). New support point is identified at 1.2101 (17/04/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head lower. The pairs is trading below 200 DMA.

USD/CHF Renewed Bearish Pressures

USD/CHF is trading lower. Hourly support at 0.9533 (19/01/2017) draw near while resistance at 0.9668 (17/01/2017 high) moves away. Expected to show further short-term downside 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 nonetheless a long term bullish bias since the unpeg in January 2015.

USD/JPY Heading Lower

USD/JPY's selling demand is pushing lower and falls below 110. The resistance at 111.50 (18/01/2018) is distanced. The technical structure suggests further short-term downside 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).

GBP/USD Bouncing Higher

GBP/USD is trading higher. The technicals is positive. Hourly support is given at 1.3742 (16/01/2018 low)

The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline but the pair is now moving up to 2016 highs. A long-term support given at 1.1841 (07/10/2017 low) and a strong resistance at 1.5018 (24/06/2016 high) are identified.