USD/CHF: Decline

Peter A Rosenstreich Swissquote Bank Ltd

USD/CHF

Decline.

USD/CHF is weakening. The declining trend line remains intact, as resistance at 0.9257 (01/02/2018) has been broken. Heading toward 0.92. Hourly resistance stands at 0.9559 (24/01/2018 high) while further resistance remains at 0.9668 (17/01/2018 high).
In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Support at 0.9259 (24/08/2015 low) is now reached. Key support remains 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

Downturn.

USD/CAD is strongly decreasing following recent sideways trading. The pair broke support at 1.2480 (20/10/2017 low) and heads toward the range of 1.2450. Hourly resistance is maintained at 1.2748 (24/11/2017 high) and new support is given at 1.2251 (31/01/2018 low). The technical structure indicates that further short-term weakness is expected.
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 pairs is trading below its 200 DMA.

AUD/USD

Reversing pattern.

AUD/USD quickly bounced back from 0.7773 (14/02/2018 low) and continues its hike above resistance at 0.7925 (12/01/2018), heading toward 0.80. Hourly support remains at 0.7638 (15/12/2017 low). The technical structure suggests further short-term upside moves.
In the long-term, the upward trend resumes 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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