USDCAD : Heading towards strong support

Yann Quelenn Swissquote Bank Ltd

USD/CHF

Weakening.

USD/CHF keeps on pushing lower. Hourly resistance can be found at 0.9771 (09/06/2017 high). Strong resistance is given at 1.0107 (10/04/2017 high). Hourly support is given at 0.9561 (intraday low). Expected to show continued bearish pressures.
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

Heading towards strong support.

USD/CAD is way into bearish mode. Strong support is given at 1.2969 (31/01/2017 low). Expected to show continued weakness towards.
In the longer term, the pair lies in a bullish channel since a year. Strong resistance is given at 1.4690 (22/01/2016 high). Long-term support can be found at 1.2461 (16/03/2015 low).

AUD/USD

Sideways price action around 0.7600.

AUD/USD #39;s technical structure is bullish since early May. The pair is heading towards strong resistance at 0.7750 (21/03/2017 high).
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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