It's a bad time for the European currency, which continues to suffer from a number of ailments. Since September, it has been paying the price of rising interest rates in the United States, accentuating a yield differential that naturally pushed the greenback higher. But for several days now, with interest rates on both sides of the Atlantic virtually unchanged, the dollar has found new support for its rise in the economic outlook. In Europe, the mood is grim, with the PMI manufacturing index down again to 45.1 in December from 45.2 in November, still in the contraction zone. In the United States, Donald Trump's arrival in power seems, on the contrary, to open up the field of possibilities with a pro-American, pro-business policy. In the end, the euro broke through last November's lows at 1.0335, validating the bottom of a flat consolidation that had been underway since 2023. Downside potential lies around parity, with initial resistance at 1.0429/50 and a key point at 1.0700.

Meanwhile, the USDJPY and USDCHF continue to advance towards their July highs of 161.95 and 0.9224, with initial resistance at 157.89 and 0.912 respectively. The technical structure of commodity currencies is fairly similar. AUDUSD and NZDUSD are heading for a target at 0.6100/0082 and 0.5510 but are also testing initial support at 0.6188 and 0.5592 respectively. The key resistances to watch are at 0.6352 and 0.5764, in order to maintain the bearish configuration in progress since October.