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CURRENCIES TECHNICAL ANALYSIS January.11

Euro

The price was flirting with the level 1.0600 on Tuesday. All buyers’ attempts to extend their gains failed and the price declined to 1.0550 by the end of the day. The resistance is seen at 1.0600, the support stands at 1.0550.

We will keep selling the euro until it stays below 1.0600. A move below 1.0550 will open the way towards 1.0500.

Pound

The technical picture presented a bearish tone on Tuesday. Sellers consolidated their gains staying confined within a trading range between 1.2170 and 1.2130. The current resistance is seen at 1.2200, the support exists at 1.2100.

The pound is likely to extend its losses in the short-term. Once we break below the 1.2100 level, we think that the 1.2000 handle will be next. At the same time a move above the current resistance will trigger recovery towards 1.2300.

Yen

The ascending channel remained intact on Tuesday. The price stayed at the lower boundary of the channel during the day. The Asian attempt to recover stalled above 116.00, the upward momentum lost its strength and the USD/JPY pair dropped to 115.00. The resistance is at 116.00, the support comes in at 115.00.

We maintain our negative outlook for the pair. A break below 115.00 will reinforce sellers’ positions who may lead the price to 114.00.

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