EUR/USD
EUR/USD may be consolidating its recent bounce on 1.3145 before rising back to Monday’s high of 1.3915, or even to higher levels. That said, it does not mean that the MT outlook has turned bullish.
EUR/JPY
The recent low of 100.75, or even the 103.40 support level, is likely to limit any extension of this week’s corrective setback from 107.70 and force the EUR/JPY to rise back towards the 111.25/95 zone.
USD/JPY
A break above the 77.85 resistance level is needed to expect a rise to the upper end of the LT declining channel which comes at 80.02 this week (-0.20/week).
GBP/USD
Given last Friday’s unexpected breach of the 1.5780/85 resistance area, the GBP/USD may rise to the 1.5945 Fibonacci retracement, or even to the 1.6085/1.6105 resistance area, before attempting to reverse towards the early October low of 1.5270.
USD/CAD
Although Wednesday’s impressive bounce on 1.0080 was in line with our call for a return to the 1.0060/75 region, we recommend caution until the USD/CAD breaks above the 1.0280 Fibonacci retracement.
Societe Generale
Research & Analytics