Yann Quelenn
Swissquote Bank Ltd
USD/CHF
Bullish consolidation.
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USD/CHF's momentum is clearly bearish. Yet, the pair is still moving between hourly resistance given at 1.0344 (15/12/2016 high) and support at 1.0021 (08/12/2016 low). Key support is given at the parity. Expected to decline towards 1.0021.
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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.
USD/CAD
Sideways price action.
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USD/CAD is showing strong bearish pressures. However, the pair has failed to hold below broken support at 1.3082 (14/12/2016 low). Key resistance is located at a distant 1.3599 (14/11/2016 high). Key support can be found at 1.3006 (19/10/2016 low). Expected to go further lower.
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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).
AUD/USD
Trading around the 200-day moving average.
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AUD/USD has finally ended its rebound from support given at 0.7145 (24/05/2016 low). A short-term bullish technical structure dominates. Local support is given at 0.7331 (yesterday low). Expected to see further consolidation.
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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.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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