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USD/CAD: Potential Seen The Swing Low

Published 11/19/2014, 01:41 AM
Updated 07/09/2023, 06:31 AM

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TECHNICAL ANALYSIS:

USD/CHF: Resting at support
USD/CHF Daily Chart

This is to update a set up from a couple of days ago. Whilst yesterday's bearish candle is slight concern, I am adding more weight to the 0.9560 support level as there are several technical levels here. Therefor as we approach FOMC tonight, at current levels we may be able to consider a buy set-up in hope of a Hawkish fed with a stop tucked well behind 0.956 support.

We could take a break below this level to be a bearish signal but I prefer to seek bullish setups as there are too many levels of support near-by which make the R:R unfavourable for bearish setups.

USD/CAD: Potential seen the swing low

USD/CAD Hourly Chart

In some ways a similar set up to USD/CHF and is also an update to a previous trade idea, the fact that intraday price action has broken above a prior swing high suggests we have indeed seen the swing low and for the primary bullish trend to remain intact.

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