Swissquote Bank Research Team
Swissquote Bank Ltd
EUR/USD
Further upside.
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Pivot (invalidation): 1.1250
Our preference
Long positions above 1.1250 with targets at 1.1275 & 1.1285 in extension.
Alternative scenario
Below 1.1250 look for further downside with 1.1235 & 1.1220 as targets.
Comment
The RSI calls for a rebound.
GBP/USD
Further advance.
Pivot (invalidation): 1.3055
Our preference
Long positions above 1.3055 with targets at 1.3090 & 1.3115 in extension.
Alternative scenario
Below 1.3055 look for further downside with 1.3035 & 1.3005 as targets.
Comment
The RSI is bullish and calls for further advance.
USD/JPY
Watch 111.00.
Pivot (invalidation): 111.55
Our preference
Short positions below 111.55 with targets at 111.25 & 111.00 in extension.
Alternative scenario
Above 111.55 look for further upside with 111.75 & 111.85 as targets.
Comment
A break below 111.25 would trigger a drop towards 111.00.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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Editors’ Picks
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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