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In Swissquote’s Monday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for USD/CAD and EUR/USD. To view and download the entire report, click here (PDF).
USD/CAD: Buying interest visible near 1.0809
• USD/CAD is moving within a horizontal range defined by the key support area between 1.0809
(50% retracement) and 1.0797 and the key resistance at 1.0998. The recent large daily lower shadows confirm a strong buying interest near the low of this range. An hourly resistance lies at 1.0943.
• In the longer term, the technical structure looks like a rounding bottom whose minimum upside potential is at 1.1725. However, a break of the support area implied by the long-term rising trendline and 1.0559 (29/11/2013 low) would invalidate this long-term bullish configuration.
EUR/USD: Weak bounce thus far
• EUR/USD remains weak as can be seen by Friday’s weak bounce. Monitor the recent low at 1.2920. Hourly resistances for a short-term bounce can be found at 1.3000 (psychological threshold) and 1.3110 (02/09/2014 high).
• In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014.
The break of the key support at 1.3105 (06/09/2013 low) opens the way for a decline towards the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low). A key resistance lies at 1.3297 (22/08/2014 high).
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.