CADCHF Chart H4, Analysis. A bullish USDCAD doesn’t jive with a broader USD breakdown but maybe CAD is a sale on crosses at this point. Either way, pay attention to 1.3410 (or so), which is the line that extends off of the March highs.
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USDCAD Short Term Channel and Horizontal Intersection Just above 1.3400
As noted last week, the USDCAD reversal from above 1.3200 “dampens near term bearishness and warns that the decline from March is complete in 3 waves.”
A bullish USDCAD doesn’t jive with a broader USD breakdown but maybe CAD is a sale on crosses at this point. Either way, pay attention to 1.3410 (or so), which is the line that extends off of the March highs.
Latest News CHF
USDCHF – 0.9926/60 is Final Barrier Before the March Low
The last update noted that “Swissie is testing the 2017 trendline (line off of January and March highs) so this is a last chance of sorts for a turn lower.” Today’s drop has finally separated USDCHF from the trendline.
The final barrier support is probably the 61.8% of the rally from the March low at .9926. Weakness below there would suggest that the 6 year trendline is going to be tested again.
USDCHF – Zone Around Parity is Clearly Influencing
The USDCHF drop into the March low fell short of the 6 year trendline, which is frustrating because that would have been the ideal level for support. It’s almost as if the market decided to ‘front run’ the trendline.
Currently, Swissie is testing the 2017 trendline (line off of January and March highs) so this is a last chance of sorts for a turn lower. A break above the March high would leave the decline from January in 3 waves, which carries bullish implications.
CADCHF Chart H4, Analysis, Setups & Signals 19-04-2017
CADCHF Chart.