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Daily Currency Outlook: USD/CAD And EUR/CHF: January 2, 2019

By Action ForexCurrenciesJan 02, 2019 03:58AM ET

www.investing.com/analysis/daily-currency-outlook-usdcad-and-eurchf--january-022019-200372172

By Action Forex | Jan 02, 2019 03:58AM ET

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USD/CAD

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USD/CAD Daily Outlook
Daily Pivots: (S1) 1.3487; (P) 1.3573; (R1) 1.3725;

USD/CAD continues to lose upside moment ahead of 1.3685 Fibonacci level. But with 1.3566 minor support intact, further rise is still in favor. A decisive break of 1.3685 will target 1.3793 key medium-term resistance next. On the downside, a break of 1.3566 will indicate short term topping and bring deeper pull back to 55-day EMA (now at 1.3319).

USD/CAD, H4

In the bigger picture, up trend from 1.2061 (2017 low) is still in progress and should target 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685. At this point, the structure is not clearly impulsive yet. Hence, we’d be cautious on topping between 1.3685/3793. But in any case, medium-term outlook will stay bullish as long as channel support (now at 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

USD/CAD, Daily

EUR/CHF Daily Outlook

Daily Pivots: (S1) 1.0648; (P) 1.1853; (R1) 1.2461;

EUR/CHF breached 1.1224, but quickly recovered. But with 1.1348 resistance intact, further decline is still expected in the cross. The decline from 1.1501 will target to 1.1173 low. On the upside, though, break of 1.1348 resistance should confirm near-term reversal and target 1.1501 resistance.

EUR/CHF, H4

In the bigger picture, price actions from 1.2004 medium term top are seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark the reversal of the long-term trend. In that case, 1.0629 key support will be back into focus.

EUR/CHF, Daily

Disclaimer: Content in ActionForex.com website is for informational purposes only. Contributors submitted forecast, commentaries, analysis, articles are based upon information gathered from various sources believed to be reliable, complete, and accurate. However, no guarantee can be made as to the validity of the believed sources. All statements and expressions in the website are opinions, and not meant as investment advice or solicitation. Forex Markets can be volatile and opinions may change without notice.

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Daily Currency Outlook: USD/CAD And EUR/CHF: January 2, 2019

USD/CAD, Daily

EUR/CHF Daily Outlook

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