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In Swissquote’s Wednesday 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/JPY. To view and download the entire report, click here (PDF).
USD/CAD: Challenging its recent highs
• USD/CAD continues to improve after its successful test of its rising channel. A break of the resistance at 1.1099 would favour further gradual strength towards the strong resistance at 1.1279. Hourly supports can be found at 1.0986 (23/09/2014 low) and 1.0927 (22/09/2014 low).
• 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/JPY: Short-term corrective phase likely underway
• EUR/JPY made a sharp bearish intraday reversal on Friday, indicating exhaustion in buying interest. A short-term corrective phase is likely underway, which favours a test of the support at 138.47 (15/09/2014 low). An hourly support can be found at 139.15 (18/09/2014 low). Hourly resistances stand at 140.20 (22/09/2014 high) and 141.23.
• The long-term technical structure remains positive as long as the support at 134.11 (20/11/2013 low) holds. The break of the strong resistance at 140.09 (09/06/2014 high) has improved the medium-term technical structure. A resistance can be found at 142.47 (29/04/2014 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.
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