USD/CAD: Bounce maintained

Peter A Rosenstreich Swissquote Bank Ltd

USD/CHF

Riding lower.

USD/CHF rebounces downward after a slight increase yesterday. The short-term technical structure is negative as long as prices remain below the hourly resistance at 0.9665 (16.01/2018). A key resistance stands at 0.9700 (02/01/2018 low). An hourly support lies at 0.9573 (16/01/2018 low).
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.

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USD/CAD

Bounce maintained.

USD/CAD remains weak as long as prices remain below the key resistance at 1.2589 (01/01/2018 high). Supports of 1.2403 (15/01/2018) is slightly distanced. Another resistance is given at 1.2624 (05/12/2017), whereas a strong support lies at 1.2356 (05/01/2018). Expected to show renewed shortterm weakness.
In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head further lower.

AUD/USD

Riding higher.

AUD/USD's upside pressures are growing. Hourly resistance is now given at 0.8025 (17/01/2018 high). Support stands at 0.7849 (12/01/2018 low). The road is wide open for further upside.
In the long-term, the trend is turning positive. Key supports 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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