Technical Analysis

Technical Analysis
EUR/USD
"There still has to be further monetary easing by the ECB to support growth in the euro area for 2012 and beyond"
- Standard Life Investments (based on Bloomberg)
EUR/USD is extremely bearish, as it has just breached through 1.3220. The next level in focus is 1.3145 which is likely to be reached in the near term. Initial resistance is at 1.3381, followed by 1.3550/77.

EUR/JPY
"[Eurozone] crisis will continue at varying levels of intensity throughout 2012 and probably beyond, until the region is able to sustain a broad economic recovery"
- Fitch (based on Reuters)
Support at 102.99 has been violated and the price is currently headed toward a subsequent level at 102.49. From above the currency pair is capped by resistances situated at 104.91 and 105.72 which should halt rallies.

GBP/USD
"In the short term, it should make no difference as all the [EU] structures are in place, but across [the] longer term…we [UK] are going to become less relevant in political decision-making"
- U.K. Steel (based on WSJ)
GBP/USD has turned neutral and therefore is expected to act calmly for now. Resistances are located at 1.5752, 1.5796 and 1.5872. While supports should limit possible dips at 1.5560, 1.5500 and 1.5397.

USD/JPY
"The BOJ can provide as much money as it wants, but that won't help end deflation"
- Mizuho Securities Research & Consulting (based on Reuters)
USD/JPY has distanced itself from 77.11/19, which is a cluster of 55 and 100 day moving averages. At the moment the price is bullish and therefore is likely to advance, encountering resistances at 78.29/30, 78.66 and 80.12 on its way.

USD/CHF
"There are slightly diminished prospects for the SNB meeting, with the market seeming less convinced of aggressive SNB action"
- FXPro Financial Services Ltd. (based on Bloomberg)
The American Dollar - Swiss Franc currency pair is making an attempt to finally break through a tough resistance area which lies at 0.9341/99. In case USD/CHF confirms a break of 0.9400, further goal will be set at 0.9776/84.