Intraday forex analysis covering USDCAD analysis , USDCHF, and EURJPY with a focus on key market movements, support and resistance levels, and short-term price action trends across major currency pairs.
USDCAD drops lower
USDCAD analysis shows The Canadian dollar continues to benefit from weakness in the greenback as prices collapse. On the chart, the pair is currently hitting a firm support just above the 1.3600 level.
- Prices are now looking to test higher, with the recent swing high at 1.3660 the first obstacle.
- A decisive breakout would shake out some sellers and give the buy side a chance to regain some momentum.
- Otherwise, a fall below 1.3600 could cause a prolonged bearish run.
USDCHF grinding support
Like the Canadian dollar, the Franc has also seen considerable gains against the US dollar. A move below the firm support of 0.7900 accelerated the move to the downside.
- As prices hit a multi-month low, bears will be aiming to consolidate their stance by breaking the 0.7800 level.
- As the RSI remains heavily oversold, if 0.7800 holds as firm support, a turnaround could push prices above 0.7860.
EURJPY eyeing a lift
The euro attempts to break out of the recent downturn and move above the 183.00 area.
- On the downside, a tentative break below 182.90 is the first step towards a bearish extension.
- The Yen is looking to hold on to some gains to pull prices lower towards 182.50.
- 184.00 would be the bulls’ first target for a brief turnaround.
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