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AUD/USD: Continued strengthening towards strong resistance area

USD/CHF

Ready for another leg higher.

  • USD/CHF's short-term bullish momentum is pausing after the breakout of the downtrend channel. Key resistance is given at a distance at 1.0344 (15/12/2016 high). Nonetheless, we believe that the pair is likely to strengthen again above parity.

  • In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours nonetheless a long term bullish bias since the unpeg in January 2015.

USDCHF

USD/CAD

Heading lower towards 1.3000.

  • USD/CAD is pushing lower. The pair had largely bounced higher from former support given at 1.3000 (22/09/2016 low). Hourly resistance can be found far away at 1.3353 (20/01/2017 high). Yet, as long as this resistance is not broken (20/01/2017 high), the pair should head lower towards support at 1.2823 (07/09/2016 low).

  • In the longer term, there is a golden cross with the 50 dma crossing the 200 dma indicating further upside pressures. Strong resistance is given at 1.4690 (22/01/2016 high). Long-term support can be found at 1.2461 (16/03/2015 low).

USDCAD

AUD/USD

Continued strengthening towards strong resistance area.

  • AUD/USD is still consolidating. Hourly resistance given at 0.7696 (02/02/2017 high) has been broken. Other resistance can be found at 0.7835 (21/04/2016 high). Expected to see further bullish breakout.

  • In the long-term, we are waiting for further signs that the current downtrend is ending. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

AUDUSD

Author

Yann Quelenn

Yann Quelenn

Swissquote Bank Ltd

Yann Quelenn is a Market Analyst at Swissquote Bank with strong technical and financial background. Previously, he worked as FX Trader at Banque Privée Edmond de Rothschild and as Portfolio Manager at Polaris Investment in Luxembourg.

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