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USDCAD and USDCNH: USDCNH falls under pressure at 7.27723

July 11, 2024

USDCAD and USDCNH: USDCNH falls under pressure at 7.27723

  • Yesterday, USDCAD broke out of the previous sideways consolidation, forming a weekly low at the 1.36100 level. 
  • During this morning’s Asian trading session, USDCNH started to pull back and fell below the 7.28500 level. 

USDCAD chart analysis

Yesterday, USDCAD broke out of the previous sideways consolidation, forming a weekly low at the 1.36100 level. During this morning’s Asian trading session, the pair managed to stabilize at the 1.36200 level and initiate a bullish consolidation after that. In the previous hour, we saw a jump to the 1.36400 level. We have support from the EMA 50 moving average and are back in the range of movement from the beginning of the week.

USDCAD is close to the weekly open price and EMA 200 moving average. We expect greater resistance there and need a breakthrough above to initiate further recovery. Potential higher targets are 1.36500 and 1.36600. We need a negative consolidation going down to the 1.36200 level for a bearish option. The pair could expect the first support at the daily open price. Potential lower targets are 1.36100 and 1.36000 levels.

USDCAD chart analysis

 

USDCNH chart analysis

During this morning’s Asian trading session, USDCNH started to pull back and fell below the 7.28500 level. The previous support of the weekly open price of 7.28866 was broken. The pair continued to retreat in the EU session, forming a weekly low at the 7.27723 level. Now we are still in that zone and it could easily happen that we slip to a new low.

Potential lower targets are 7.27500 and 7.27000 levels. We need a positive consolidation and a return above the 7.28500 level for a bullish option. Then we would have to hold there to trigger the return of the above weekly open price. After returning to the positive side USDCNH could start thinking about further recovery. Potential higher targets are 7.29000 and 7.29500 levels.

https://www.tradingview.com/x/9XKAqlNk/

 

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