USDCAD: Strong Weakness

Yann Quelenn Swissquote Bank Ltd

USD/CHF

Trading sideways.

USD/CHF is now moving sideways. Key support is given at the parity. Hourly resistance lies at 1.0205 (30/11/2016 high). Expected to see further monitoring of the resistance area around 1.0200.
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.

USD/CAD

Strong weakness.

USD/CAD has exited downtrend channel. Closest resistance lies at 1.3589 (14/11/2016 high). Expected to see continued weakening towards support at 1.3265.
In the longer term, there is a golden cross with the 50 dma crossing the 200 dma indicating further upside pressures. 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

Consolidating.

AUD/USD is still experiencing some weakness. Hourly support is given at 0.7311 (21/07/2016 low) whiles stronger support can be found at 0.7145 (24/05/2016 low). Expected to see further weakness as buying pressures seem to fade around 0.7500.
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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