USD/CAD: Short-term bullish momentum continues

Yann Quelenn Swissquote Bank Ltd

USD/CHF

Weakening.

USD/CHF is weakening after the pair failed to monitor resistance at 0.9771 (15/06/2017 high). Hourly support at 0.9631 (01/08/2017 low) has been broken. Expected to to show further downside pressures towards 0.9500.
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

Short-term bullish momentum continues.

USD/CAD's short-term bullish momentum continues. The road is wide open for further increase. Hourly support is given at a distance at 1.2414 (27/07/2017 low). Expected to show continued increase.
In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low) before bouncing back. Strong resistance is given at 1.4690 (22/01/2016 high). The pair should head further lower.

AUD/USD

Growing selling pressures.

AUD/USD's short-term technical structure is bearish. Hourly support at 0.7875 (21/07/2017 low) has been broken. Hourly resistance is given at 0.8066 (27/07/2017 high) . Expected to show continued decline.
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.

Author

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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