Swiss Franc And Canadian Dollar Technical Outlook

Monday, December 22, 2008


Swiss Franc Technical Outlook

The Swiss Franc showed incredible strength against the US Dollar through recent trade, but a sharp USD/CHF reversal off of important Fibonacci support suggests that further short-term corrections are likely.

The 1.0670 mark represents the 61.8 percent Fibonacci retracement of the 1.2300-0.9640 move, and said level may continue to contain declines through near-term price action. Shorter-term, subsequent resistance can be found at recent spike-highs of 1.1136.

Canadian Dollar Technical Outlook

The US dollar has found a base against the Canadian Dollar at the 1.2000 mark, representing the confluence of the USD/CAD’s short-term rising trendline and the 38.2 percent Fibonacci retracement of the 1.0300-1.3020 move.

Said level is likely to contain any short-term declines in the USD/CAD, while intraday spike-highs near 1.2400 represent subsequent support. A break below 1.2000 would negate our short-term bullish bias.

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