USDCHF: Riding short-term uptrend channel

USD/CHF

Riding short-term uptrend channel.

• USD/CHF's short-term momentum is definitely bullish. The pair lies within an uptrend channel. Hourly resistance is implied by upper bound of the uptrend channel. Key resistance is given at a distance at 1.0344 (15/12/2016 high). We believe that the pair is likely to strengthen again above parity.

• 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

Heading towards 1.3000.

• USD/CAD's demand is fading around 1.3200. Key resistance can be found far away at 1.3353 (20/01/2017 high). Yet, as long as this resistance is not broken (20/01/2017 high), the pair is likely to head lower towards support at 1.2823 (07/09/2016 low).

• 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

Pushing slightly towards strong resistance area.

• AUD/USD is still consolidating. Key resistance is given at 0.7778 (08/11/2016 high). Other resistance can be found at 0.7835 (21/04/2016 high). Expected to see further strengthening.

• 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.