Peter A Rosenstreich
Swissquote Bank Ltd
USD/CHF
Continued strength.
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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.
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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 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.
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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.
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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.
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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.
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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.
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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