Technical Analysis

EUR/USD
"Overall, the ECB tries almost everything it can to prevent a credit crunch in the euro zone"
- ING (based on CNBC)
Resistance zones situated at 1.3460/87 and 1.3600/15 should be able to halt rallies, while the focus is on the downside. Initial target for EUR/USD lies at 1.3218/12, the break which will pave the way for 1.2860 being reached.

EUR/JPY
"It’s all weighing on the currencies. The euro and the Aussie, they are all way down"
- TD Securities (based on Bloomberg)
EUR/JPY is bearish at the moment, since it has failed to climb over 104.81, which is 55 day ma. Additional resistance is provided by the level of 106.00. Supports, on the other hand, are likely to be encountered at 102.94, 102.44 and 100.77.

GBP/USD
"As things stand a subsequent round of QE [by BoE] is likelier than not"
- Investec (based on WSJ)
Resistance line located at 1.5748 has successfully repelled the attack and has sent GBP/USD down to 1.5560. Subsequent supports are at 1.5500 and 1.5397. Nevertheless, this weakness is temporary and 1.5883/88 should be reached soon.

USD/JPY
"For global growth, it's not the most uplifting view, but in Japan, the trajectory is clearly seen to be above potential, because potential is so low"
- Jefferies (based on Reuters)
The American Dollar - Japanese Yen currency pair has bounced off 77.12/14 yet again, confirming its topicality. The outlook remains bullish, with the possibility for USD/JPY coming as high as 78.80, or even 80.23.

USD/CHF
"If risk aversion rises then investors prefer the franc over the euro"
- Commerzbank AG (based on Bloomberg)
From above the pair is capped by tough resistances situated at 0.9331, 0.9341 and 0.9370. Alternatively, from below it is supported by levels at 0.9176, 0.9040 and 0.8950. Therefore for now USD/CHF is likely to co ntinue trading sideways.