Forex Analysis: USD/CHF, EUR/USD, USD/CAD, NZD/USD

Weekly technical and trading outlook – USD/CHF

(AceTrader Team)

Trend daily chart

Sideways.

Daily indicators

Neutral.

21 HR EMA

0.9781

55 HR EMA

0.9799

Trend hourly chart

Near term down.

Hourly indicators

Getting o/sold.

13 HR RSI

14 HR DMI

+ve

Daily analysis

Consolidation with upside bias.

Resistance

0.9941 – Last Fri’s NY high.
0.9890 – 123% proj. of 0.9683-0.9798 fm 0.9748.
0.9886 – Last Thur’s high.

Support

0.9823 – Last Thur’s NY low.
0.9795 – Hourly chart.
0.9758 – Last Wed’s low.

USD/CHF – 0.9821.. Despite retreating to 0.9758 on cross-buying in chf, the pair found renewed buying and rallied to a near 1-month peak at 0.9886 on broad-based usd’s strength b4 retreating to 0.9760 Fri on profit-taking in usd.

On the bigger picture, dlr’s impressive rise fm Jan’s near 6-year bottom at 0.8758 to 0.9472 on the 1st day of Apr due to rally in U.S. yields suggests erratic fall fm 1.0344 (2016 peak) to retrace LT rise fm 2015 record 0.7360 low has ended n despite subsequent 1-year long monthly sideways swings, dlr’s rally abv 0.9472 in Apr to a near 3-year peak of 1.0064 (May) indicates price would head twd 1.0128. Despite subsequent fall to 0.9546 in May n then rally back to 1.0052 in mid-Jun, dlr’s selloff after SNB’s hawkish rate hike n weakness to Jun’s 0.9496 bottom suggests further choppy swings below 1.0064 would continue. Thur’s rally to 0.9886 may head to 0.9930/35, break, 0.9989 later this month.

Today, dlr’s resumption of recent rise fm Jun’s 2-month trough of 0.9496 to a 0.9886 in NY Fri suggests the correction fm May’s near 3-year peak at 1.0064 has possibly ended, subsequent retreat to 0.9760 suggests range trading is in store b4 another rise but 0.9940/45 shud hold. Below 0.9800 risks 0.9788.

Ichimoku cloud analysis: EUR/USD, USD/CAD, NZD/USD

(RoboForex Team)

EUR/USD, “Euro vs US Dollar”

EURUSD is testing the resistance area. The instrument is currently moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.0125 and then resume moving downwards to reach 0.9845. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.0295. In this case, the pair may continue growing towards 1.0385.

USD/CAD, “US Dollar vs Canadian Dollar”

USD/CAD has fixed below the resistance level. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2975 and then resume moving upwards to reach 1.3175. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.2925. In this case, the pair may continue falling towards 1.2835.

NZD/USD, “New Zealand Dollar vs US Dollar”

NZD/USD is correcting within the bearish channel. The instrument is currently moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6170 and then resume moving downwards to reach 0.5965. Another signal in favour of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.6205. In this case, the pair may continue growing towards 0.6295.