USD/CAD is under pressure. The pair is reversing down against its key resistance at 0.9990 and remains under pressure. The descending 50-period moving average maintains a bearish bias. The first target to the downside is therefore set at 0.9910. A break below this level would open the way to further weakness towards 0.9875.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9910. A break of that target will move the pair further downwards to 0.9875. The pivot point stands at 0.9990. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 1.0030 and the second target at 1.0085.
Resistance levels: 1.0030, 1.0085, 1.0125
Support levels: 0.9910, 0.9875, 0.9825
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for January 04, 2016 . Thanks for your support.
No comments:
Post a Comment