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EUR/CHF is maintained at the 1.1950 range, trading sideways. Strong resistance at 1.20 remains. Hourly support given at 1.1842 (11/04/2018 low) is distanced. The short-term technical structure suggests further short-term sideways trading moves.

In the longer term, the technical structure has reversed. Strong resistance at 1.20 (level before the unpeg) is now at reach. 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 and resistance can be found at 1.0624 (24/06/2016 low) and 1.2097 (18/12/2014 high).

EUR/GBP is bouncing off from 0.8815, heading along the 0.8830 range. EUR/GBP bearish pattern started in March is weakening. Hourly support and resistance are given at 0.8668 (22/03/2018 low) and 0.8868 (05/12/2017 high). The technical structure suggests short-term upward moves.

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.

AUD/USD bearish pattern from 0.7813 (19/04/2018) pauses, the pair is starting a recovery phase after breaking hourly support at 0.7502 (08/12/2018), heading along the 0.7525 range. Hourly resistance 0.7879 (28/02/2018 high) remains. The technical structure suggests shortterm increase.

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.

USD/CAD bullish trend stops, the pair is decreasing, heading along the 1.2815 range. Hourly support and resistance are given at 1.2621 (23/02/2018 low) and 1.2949 (22/03/2018 high). The technical structure suggests shortterm downward moves.

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 pair is trading above its 200 DMA.

USD/CHF bullish pattern pauses, the pair is contained below 1, expected to head along the 0.9955 range. The bullish pattern started from 0.9188 (16/02/2018 low) continues. The pair is contained between hourly support and resistance given at 0.9755 (10/01/2018 low) and 0.9978 (08/12/2017 high). The technical structure suggests short-term sideways trading 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/JPY bullish pattern pauses, currently trading along 109.80. The bearish pattern started in January 2018 is weakening. Hourly support and resistance are given at 110.26 (05/02/2018 low) and 105.99 (04/04/2018 high). The shortterm technical structure suggests short-term sideways trading moves.

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 below its 200 DMA.

GBP/USD is trading below 1.36, breaking hourly support at 1.3712 (01/03/2018) and heading along the 1.3585 range. The pair is currently trading at mid-January low. Hourly support and resistance are now given at 1.3458 (11/01/2018 low) and 1.4097 (29/01/2018 high). The technical structure suggests further shortterm 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).

EUR/USD bearish pattern started from 1.24 (19/04/2018 high) pauses, the pair is trading below 1.20 and approaching the 1.2015 range. Hourly support at 1.2028 (11/01/2018) is now broken. The pair is currently trading at mid- January 2018 low. Hourly support and resistance are now given at 1.1812 (25/12/2017 low) and 1.2323 (17/01/2018 high). The technical structure suggests short-term upward 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).

Cable is holding within narrow consolidation in early Wednesday’s trading, after hitting new, marginally lower low at 1.3580 (the lowest since 12 Jan).

Sterling was down over 1% on strong bearish acceleration on Tuesday, which eventually broke and closed below pivotal support at 1.3711 (01 Mar trough) and generated strong bearish signal on completion of double-top pattern (1.4344/76), which could result in further significant losses.

Strong negative sentiment following recent negative releases of key UK data which reduced hopes of BoE rate hike this month and stronger US dollar, continue to move pound lower. Firmly bearish tech (10/100SMA bears cross formed today and momentum remaining in steep descend, deeply in the negative territory) add to bearish pressure. Bears may take a breather on oversold conditions and could accelerate if UM Construction PMI comes in line/above forecast (Apr 50.5% f/c vs 47.0 prev), but strong bearish structure suggests limited recovery before bears resume.

Strong supports at 1.3550 (Fibo 61.8% of 1.3038/1.4376) and 1.3530 (rising 200SMA) are in focus and break here would generate fresh bearish signal.

Res: 1.3650, 1.3711, 1.3772, 1.3792
Sup: 1.3580, 1.3550, 1.3530, 1.3500

The Euro returned above 1.20 handle in early Wednesday's trading, consolidating after suffering heavy losses in past two days.

The single currency was down 0.70% on Tuesday, on the biggest one-day fall since 28 Mar, as dollar continues to rise and extended steep descend from 1.2413 high through key supports at 1.2412/00 (200SMA / psychological support).

Tuesday's close below these supports was strong bearish signal for further weakness, but repeated close below is needed to validate scenario and open way towards next targets at 1.1936/15 (Fibo 61.8% of 1.1553/1.2555 / 09 Jan trough).

Bearish setup of daily MA's and negative momentum studies support the notion, however, daily RSI is reversing from oversold territory and signaling corrective upticks may precede fresh weakness.

Broken 200SMA caps for now, but stronger recovery could be anticipated on firm break higher.

Next solid barriers lay at 1.2083/1.2100 (Tuesday's high / round figure), guarding pivotal barrier at 1.2146 (Fibo 38.2% of 1.2413/1.1981, reinforced by falling 10SMA), where stronger recovery action should be capped.

Traders focus on today's data for fresh signals, with EU GDP / Unemployment, coming first ahead of Fed's rate decision and also keeping an eye on US-China trade talks.

Euro bloc's Gross Domestic Product is forecasted at 2.5% vs 2.7% previous, holding near the strongest levels in past ten years, while unemployment is forecasted at 8.5% in March, the lowest since early 2009.

US Federal Reserve is ending its two-day policy meeting today, with wide expectations for unchanged interest rates, but focus on hints about central bank's next steps.

Another important release today will be US ADP private sector employment report, which is usually seen as an indication for key release this week – US Non-Farm Payrolls report, due on Friday.

Res: 1.2055, 1.2083, 1.2100, 1.2146
Sup: 1.2000, 1.1981, 1.1936, 1.1915