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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 USD/CHF and USD/CAD. To view and download (PDF) the entire report, click here.
USD/CHF: Monitor the short-term declining channel
• USD/CHF strengthened yesterday, erasing all the losses made on Friday. Monitor the resistance implied by the declining channel (around 0.9091). Another resistance lies at 0.9115. A key support stands at 0.9008 (see also the rising trendline). Another support can be found at 0.8969 (17/07/2014 low).
• From a longer term perspective, the recent technical improvements call for the end of the large corrective phase that started in July 2012. The long-term upside potential implied by the double-bottom formation is 0.9207. Furthermore, the break of the resistance at 0.9037 calls for a second leg higher (echoing the one started on 8 May) with an upside potential at 0.9191. As a result, a test of the strong resistance at 0.9156 (21/01/2014 high) is expected.
• USD/CAD has validated a double-top formation by breaking the support at 1.0904. A short-term corrective phase is therefore favoured. Supports stand at 1.0845 (29/07/2014 low, see also the 38.2% retracement) and 1.0797 (29/07/2014 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.