USD/CHF: Continued strength

Peter A Rosenstreich Swissquote Bank Ltd

USD/CHF

Continued strength.

USD/CHF bullish pattern pauses below 1. The pair is increasing, bouncing off from 0.9971 and heading along the 0.9995 range. The bullish pattern started from 0.9188 (16/02/2018 low) continues. The pair is contained between hourly support and resistance given at 0.9755 (10/01/2018 low) and 1.0038 (01/11/2017 high). The technical structure suggests short-term increase.
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

Weakening.

USD/CAD bullish trend stops, trading sideways since end-April. The pair is trading higher, heading along the 1.2865 range. Hourly support and resistance are given at 1.2621 (23/02/2018 low) and 1.2949 (22/03/2018 high). The technical structure suggests short-term upward moves.
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 above its 200 DMA.

AUD/USD

Neutral.

AUD/USD bearish pattern from 0.7813 (19/04/2018) pauses after reaching 0.7473 (01/05/2018 low), trading along 0.7530 and approaching the 0.7532 range. Hourly resistance at 0.7879 (28/02/2018 high) remains. The technical structure suggests short-term sideways trading 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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