Dukascopy Technical Analysis
"It's rare for FX markets to not test psychological levels in major currencies, so the market will give $1.30 another look and will breach the level in the next week or so"
- BBVA (based on WSJ)
After encountering an accelerated downtrend at 1.3037, EUR/USD has been trading flat.
"[The Euro] is likely to keep extending losses as there's no event that could stop its decline amid worries over Spain"
- Bank of Tokyo-Mitsubishi UFJ (based on CNBC)
For now EUR/JPY is unlikely to exit down trending channel. Rallies should be halted by 107.55/91, 108.22 and 109.05, leaving almost no room for recovery.
"UK industrial and manufacturing production will be of interest. The market is expecting UK IP to rebound after a disappointing January number, so a downside surprise will weigh on GBP"
- Lloyds (based on Reuters)
GBP/USD has managed to rebound from an uptrend at 1.5803 and is now aiming for 1.5888 and a confluence of resistances at 1.5926/49, which is unlikely to be penetrated at the very first attempt, given mixed signals of most of the indicators.
"Morgan Stanley MUFG Securities Co., Mizuho Securities Co. and SMBC Nikko Securities Inc. predict that the BOJ will expand asset purchases at a meeting on April 27"
USD/JPY is presently forming a symmetrical triangle on an hourly chart. The price is struggling at a resistance at 82.28, which guards 82.49/52 and 82.69/78. In case the pair tumbles, the dip should be limited by levels at 82.03 and 81.87.
"In the near-term, the SNB may have to intervene to defend their credibility, but whether this policy will continue to work remains to be seen"
- Morgan Stanley (based on Bloomberg)
The currency pair is facing a formidable resistance at 0.9234, thus we are likely to observe a temporary bearish correction down to 0.9167/47 or even 0.9075, before the bullish momentum is reignited.