USD/CAD 4-hour: Testing the key support level

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USD/CAD 4-hour: Testing the key support level

02/17/2015 15:45 EST Update


USD/CAD 4-hour Forex Dance Floor
USD/CAD 4-hour: Testing the key support level.

Invest Diva positioning: Short positions below 1.2360 with targets at 1.2090 and 1.1880 in extension.

Technical reasons why: The pair is now testing the key support level at 1.2360 after breaking below the Ichimoku’s cloud. The RSI is below the neutrality area.

Alternative Scenario: Above 1.2360 look for further upside with 1.2630 and 1.2779.

Where I’m setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.2090 1.2360 1.2779
1.1880 1.2630


USD/CHF 4-hour Forex Dance Floor
USD/CHF 4-hour: Continues to consolidate.

Invest Diva positioning: No positions.

Technical reasons why: The pair has been consolidating at the level at 0.9336 just above the Ichimoku’s cloud. The RSI also keeps moving mostly flatly above the neutrality area.

Where I’m setting my stops and limits:

Support Levels Turning Point Resistance Levels
0.8977 0.9336 0.9730
0.8350 0.9557

 

 

Is he brave enough?

USDCAD at key support level forex chart