USD/CAD: Potential Seen The Swing Low
Matt Simpson | Nov 19, 2014 01:41AM ET
UP NEXT:
TECHNICAL ANALYSIS:
USD/CHF: Resting at support
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
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.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.