AUD/USD: Break of key support

Yann Quelenn Swissquote Bank Ltd

USD/CHF

Bullish pressures are fading.

USD/CHF's bullish breakout is ending after the pair exited declinng trendline. The technical structure indicates further downside risks. The pair has failed to hold consistently above the parity. If the pair heads towards 0.98, there might be even more downside pressures. The road would be wide-open for further decline.
In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours nonetheless a long term bullish bias since the unpeg in January 2015.

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USD/CAD

Short-term bullish

USD/CAD has failed to clear resistance indicating downside risk. Resistance at 1.2820 (07/11/2017 high) has been broken. Hourly support lies at 1.2667 (10/11/2017 low). Expected to show continued upside pressures.
In the longer term, the pair has broken longterm support that can be found at 1.2461 (16/03/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair is likely to head further lower.

AUD/USD

Break of key support.

AUD/USD is ready to go even lower showing that downside pressures are still lively. Hourly resistance is given at a distance at 0.7897 (13/10/2017 high). Expected to show renewed pressures towards key support at 0.7535 (22/06/2017 low).
In the long-term, the trend is turning positive. Key supports stands at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8164 (14/05/2015 high) is needed to invalidate our long-term bearish view.

Author

Yann Quelenn

Swissquote Bank Ltd

Yann Quelenn is a Market Analyst at Swissquote Bank with strong technical and financial background. Previously, he worked as FX Trader at Banque Privée Edmond de Rothschild and as Portfolio Manager at Polaris Investment in Luxembourg.

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