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In Swissquote’s Tuesday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for GBP/USD and USD/CAD. To view and download the entire report, click here (PDF).
• GBP/USD is bouncing, as can be seen by the break of the initial resistance at 1.6052 (previous support). However, a break of the resistance at 1.6176 (intraday high) is needed to improve the
short-term technical structure. Another resistance stands at 1.6287. Hourly supports can be found at 1.6027 (intraday low) and 1.5944.
• In the longer term, the collapse in prices after having reached 4-year highs has created a strong resistance at 1.7192, which is unlikely to be broken in the coming months. Despite the current short-term bearish momentum, we favour a temporary rebound near the support at 1.5855 (12/11/2013 low). A resistance lies at 1.6525.
USD/CAD: Successful test thus far of the strong resistance at 1.1279
• USD/CAD has successfully tested the strong resistance at 1.1279 (20/03/2014 high), increasing the odds of a short-term corrective phase. Hourly supports can be found at 1.1072 (02/10/2014 low) and 1.1053. An initial resistance lies at 1.1184 (intraday high).
• In the longer term, the technical structure looks like a rounding bottom whose minimum upside potential is at 1.1725. A break of the resistance at 1.1279 (20/03/2014 high) would confirm this scenario. Strong supports are given by the longterm rising trendline (around 1.0750) and 1.0621 (03/07/2014 low).
Swissquote, a member of LeapRate’s Globally Regulated Broker List has the most advanced technology and sufficient liquidity, and its completely transparent foreign exchange trading pattern is unique, which helps ensure its customers trade with the best prices current at the time of the transaction. Swissquote’s financial and economic expert team provides its customers with high-quality technical analysis and research reports every day.