AUDUSD: Testing resistance at 0.7810

Peter A Rosenstreich Swissquote Bank Ltd

USD/CHF

Weakening.

USD/CHF is weakening from 0.9646 low, heading along the 0.96 range. The bullish pattern started from 0.9188 (16/02/2018 low) continues. The pair is contained between hourly support and resistance given at 0.9296 (05/02/2018 low) and 0.9668 (17/01/2018 high). The technical structure suggests short-term downward moves.
In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support lies at 0.9072 (07/05/2015 low) while resistance at 1.0344 (15/12/2016 high) is distanced. The technical structure favours a long term bullish bias since the unpeg in January 2015.

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USD/CAD

Trading below 1.26.

USD/CAD is trading lower following recent rise above 1.26, breaking hourly support at 1.2567 (13/02/2018). The pair is heading along the 1.2560 range. Hourly support and resistance are now given at 1.2504 (06/02/2018 low) and 1.2755 (22/02/2018 high). The short-term technical structure suggests short-term decrease.
In the longer term, the pair is trading between resistance point at 1.3805 (05/05/2017 high) and support at 1.2128 (18/06/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head lower. The pair is trading below its 200 DMA.

AUD/USD

Testing resistance at 0.7810.

AUD/USD bullish breakout starts, approaching hourly resistance at 0.7810 (28/12/2018 high) and heading along the 0.7805 range. Hourly support at 0.7638 (15/12/2017 low) is distanced. The technical structure suggests short-term upward moves.
In the long-term, the upward trend slows down after failing to reach key resistance at 0.8164 (14/05/2015 low). Key support stands at 0.6009 (31/10/2008 low). A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.

Author

Peter A Rosenstreich

Swissquote Bank Ltd

Peter Rosenstreich is Swissquote Bank’s Head of Market Strategy and manages the global strategy desk; he has held various positions in several banking institutions in the United States, Europe & Asia.

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