Christin Tuxen, Senior Analyst at Danske Bank, still believes the cross could reach 1.15 in a 12-month view.

Key Quotes

“EUR/CHF has firmly broken out of the 1.07-1.10 interval and moved close to 1.12 in early February even as the market has now and again priced in more aggressive ECB easing and the SNB has maintained a hesitant stance”.

“Provided the ECB delivers as we expect on rates and QE, there should be only limited pressure on the SNB to move”.

“The tone at the December SNB meeting on the whole suggests that the central bank is less determined to bring about outright CHF weakness, and thus willing to accept EUR/CHF staying at these levels for now”.

“Longer term, we still expect fundamentals will support a higher EUR/CHF and we have kept our forecast profile unchanged, still projecting some possible downside near term as the ECB delivers on easing while the SNB may not (and is partly priced to). We still project the cross at 1.15 in 12M”.

Christin Tuxen, Senior Analyst at Danske Bank, still believes the cross could reach 1.15 in a 12-month view…

(Market News Provided by FXstreet)

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In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, and in order to confirm recent lows, spot needs a close above 114.87/115.10.

Key Quotes

USD/JPY has held the 110.98 recent low and extended its rebound”.

“Is this a low in place – possibly BUT to confirm it needs to close above 114.87/115.10 (recent high, Fibo and 20 day ma) as an absolute minimum and preferably regain the 116.15, the August low”.

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, and in order to confirm recent lows, spot needs a close above 114.87/115.10…

(Market News Provided by FXstreet)

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EUR/USD: This pair is still in a bearish mode though things are going into
an equilibrium territory. Should the price start moving sideways, it would be
in the context of a downtrend. Long trades on this pair are not recommended yet unless the price moves above the resistance line at 1.1150.

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USD/CHF: There is no bullish or
bearish confirmation pattern in the USD/CHF 4-hour chart, as the price has been moving essentially sideways this week, and unless one is a scalper, one needs to wait until there is a directional movement which is likely to start today or next week.

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GBP/USD: The GBP/USD has declined by almost 400 pips this week, moving briefly below the accumulation
territory at 1.3900, before the shallow correction occured. The
accumulation territory at 1.3900 is now important because the price needs to go
below it so that the southward movement can continue. The price has entered a
consolidation phase as it has not moved significantly above or below the accumulation
territory at 1.3900.

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USD/JPY: This week, the USD/JPY
has merely consolidated with no directional movement being expressed. This has resulted in
mixed signals. The EMA 11 is below the EMA 56 in the 4-hour chart, whereas the
RSI with the 14 period is above the 50 level. It is better to stay away from the market
until the two indicators agree on a direction – whether long or short.

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EUR/JPY: After testing the demand zone at 122.50, the price bounced upwards significantly. It was a movement of over 200 pips, but it was not enough to invalidate the recent bearish bias. Only a movement above the supply zone at 126.50 can reverse the bearish trend and unless that happens, the rally in the context of a downtrend may offer another opportunity to go short.

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The material has been provided by InstaForex Company – www.instaforex.com

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USD/JPY: 112.70-75 (USD 455m) 113.00 (981m) 113.50 (440m) 114.75 (200m) EUR/USD: 1.0900-10 (EUR 1.35bln) 1.0970-80 (1bln) 1.1000 (223m) 1.1050-60 (503m) 1.1100 (625m) 1.1150 (324m) 1.1200 (292m) GBP/USD: 1.4000 (GBP 721m) 1.4075 (129m) 1.4250 (…

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