Forex Market Technical Outlook for USDCAD and USDCHF
This week we are going to be looking at two USD pairs markets, USDCAD and USDCHF . We will be looking at swing trade possibilities for these markets.
price is at a good pullback area on the daily time frame. It has come back up to a nice area of price doing a flip flop and I think we will see price come back down from this zone this week. The daily supply zone 1.2484 up to 1.2666 is an excellent area of demand become supply and now price bouncing off that area as the trend progresses. Over the past few days price has been consolidating in this daily supply and I’m looking for it to break out and break down out of this zone. As it does so be aware of brand new daily demand at 1.2388 down to 1.2254 that was formed from recent price action. Overall, I’m still very bearish on this market and really think that price will continue down to the lows and lower perhaps.
I’m looking at price hitting supply at .9759 up to .9825 and recoiling down. This market has been in a downtrend and this is a very interesting spot for price right now. It’s interesting because if it can break the supply top at .9825 then we will be in an uptrend. The question is will it break this week. I don’t know honestly, but it sure could as everything point to supply and resistance being weak in this zone. So if price does break up, then I think it will do it slowly and reform the supply that is here now into future demand. Overall, price is at a decision point and we have to be ready diligent. Personally, I could place trades on either side. However, I’m going to be keeping my stops small and look to hold out for those big runners.
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