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July 25, 2008 – USD/CAD Daily Chart

July 25, 2008 at 8:51 am • Posted in General

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(Price on 1st pane, Slow Stochastics on 2nd pane; downtrend line in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.)

7/25/2008 – USD/CAD – Price action on the USD/CAD daily chart, as shown, has just hit a long-term downtrend resistance line. This line extends from early 2007, and is represented on the chart by the long red line. Price is also entrenched within a rough horizontal trading range, as bounded by the yellow horizontal lines. If this pair has enough upward momentum to breakout above the downtrend resistance line, the next resistance to the upside resides at or near the top of the range in the 1.0350 region. On the other hand, if this downtrend resistance is strong enough to turn price back down, the first support to the downside resides around the 0.9970 region.

James Chen

Chief Technical Analyst, FX Solutions

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