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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/JPY and USD/CAD. To view and download the entire report, click here (PDF).
USD/JPY: Grinding higher?
• USD/JPY has broken the resistance at 109.46 (19/09/2014 high). However, given the major resistance at 110.66 (15/08/2008 high), monitor the hourly support at 109.19/109.13 (29/09/2014 low), as a break would suggest a weakening short-term buying interest. Another hourly support lies at 108.46 (24/09/2014 low).
• A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The recent new highs confirm a strong underlying bullish trend. A break of the major resistance at 110.66 (15/08/2008 high, see also the 50% retracement from the 1998’s top) is eventually favoured. Another resistance can be found at 114.66 (27/12/2007 high).
USD/CAD: Pausing near the top of its rising channel
• USD/CAD is consolidating near the top of its rising channel. Hourly supports can be found at 1.1084 (intraday low) and 1.1053 (24/09/2014 low). An hourly resistance now lies at 1.1178 (29/09/2014 high). Further gradual strength towards the strong resistance at 1.1279 is favoured.
• 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.
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.