20 February 2011 Last Updated on 23 February 2013 Mohammed Isah

Special Focus - Written by Mohammed Isah
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USDCHF- Strengthens For Third Week In A Row

USDCHF: With USDCHF maintaining a third-week of upside gains, there is risk of a recapture of the 0.9388 level, its Feb 18’2013 high. Further out, resistance comes in at the 0.9400 level followed by the 0.9456 level and then the 0.9511 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 0.9184 level where a violation will turn attention to the 0.9100 level. Further down, support comes in at the 0.9021 level and next the 0.8950 level. Price hesitation may occur here due to its psychological importance. On the whole, the pair continues to hold on to its upside offensive.

Daily Analysis
USDCAD: Maintains Above Trendline Support.
USDCAD:  The pair is holding above its trendline it rejected on Monday. This suggests that corrective recovery risk is building up possibly towards the 0.0990 level. A violation will call for a run at the 1.0083 level. Above here will trigger its medium term uptrend followed by the 1.0125 level. On the downside, support comes in at the 0.9885/73 levels where a reversal of roles as support is likely to occur and turn the pair higher. However, if this fails, further declines should build up towards the 0.9692/31 levels. A breach of here will call for more declines towards the 0.9500 level. All in all, USDCAD remains biased to the upside in the short term above its trendline support.


Note: This is an excerpt from The Professional Suite, our daily 7-currency research package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get The Full Package Including 3 FREE Bonuses Now



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