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USD/CAD: Short-term bullish momentum continues

Written by Yann Quelenn | 2017-08-11 10:02:27 GMT
  • USD/CHF is weakening after the pair failed to monitor resistance at 0.9771 (15/06/2017 high). Hourly support at 0.9631 (01/08/2017 low) has been broken. Expected to to show further downside pressures towards 0.9500.

  • 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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Short-term bullish momentum continues.

  • USD/CAD's short-term bullish momentum continues. The road is wide open for further increase. Hourly support is given at a distance at 1.2414 (27/07/2017 low). Expected to show continued increase.

  • In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low) before bouncing back. Strong resistance is given at 1.4690 (22/01/2016 high). The pair should head further lower.




Growing selling pressures.

  • AUD/USD's short-term technical structure is bearish. Hourly support at 0.7875 (21/07/2017 low) has been broken. Hourly resistance is given at 0.8066 (27/07/2017 high) . Expected to show continued decline.

  • 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.



Yann Quelenn

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