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CAD/CHF (CADCHF)

MetisEtradePR · 6 · 1605

MetisEtradePR

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In the most recent ECB press conference, the central bank unexpectedly decided to cut interest rates and hinted that EU might pursue full-scale quantitative easing in order to support the economic recovery of the Euro zone.


Dogberto

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Wrong text description listed in the above trade setup.
Check out the link to the full & correct analysis here below:
"On Close Ties With the Euro Zone"
http://www.metisetrade.com/research/report_data/Fundamental/52006
This trade did not get filled at all.


MetisEtradePR

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Support and Resistance Level

The CADCHF uptrend that started this year is expected to continue as the US’ normalization is expected to increase demand for higher-yielding assets, and reduce demand for safer currencies. Placing a buy limit near immediate support at 0.83959 is recommended, with take profit near resistance at 0.86350. Conservative traders are advised to open a buy position only after a bounce from a test of the support level.



Trend Indicators

The period-100 (red line) and period-200 (blue line) simple moving averages on the 4-hour chart show the strengthening bullish momentum in the currency as the gap between the two moving averages widened. A support zone from these SMAs is provided around the levels of 0.84098 to 0.84930.




Oscillators

The relative strength index in the 4-hour chart suggests a potential short-term correction in CADCHF as the index at 65.54 only recently pulled back from testing overbought levels at RSI level 70. The index will most likely test RSI level 50 before continuing the uptrend.


MetisEtradePR

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Canada’s current account deficit for the third quarter of 2014 was reported to be the lowest since 2008. Current account was reported to be at negative 8.4 Billion Dollars, better than the forecasted negative 10.3 Billion Dollars. The second quarter current account deficit was also revised lower to negative 9.9 Billion Dollars. The sustained expansion in exports and business investments would aid Canada’s economic growth. Canada’s economic growth for the month of September will be released tonight. The economy is expected to have grown by 0.4%, better than the previous month’s 0.1% contraction. A positive economic data from Canada will possibly influence Loonie strength.


MetisEtradePR

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Support and Resistance Level

CADCHF has generally been moving in an uptrend for over six months. There is a possibility that this uptrend will continue. Therefore, another buying opportunity should be taken advantage of as the currency pair retests the channel support level of the uptrend at 0.84577. Profit-taking should be done before the currency pair reaches the resistance level at 0.86111.

Trend Indicators

The 100-day (red line) and 200-day (blue line) simple moving average of the CADCHF confirms that the currency pair has generally been moving in an uptrend since the cross of these two SMAs last July 2014. Given that the 200-day SMA is below the 100-day SMA, there is a possibility that the uptrend will continue. The SMAs can serve as a strong support level of the uptrend.

Oscillators

The relative strength index (RSI) of the CADCHF four-hour chart reveals that the currency pair is nearly oversold at 38.60. Given that the RSI is nearly oversold, there is a possibility for the currency pair to temporarily go down first before continuing its uptrend. A buy limit position is more advisable.


MetisEtradePR

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The Swiss depreciated by about a hundred pips against the Loonie yesterday after the Swiss National Bank unexpectedly announced that they will impose negative interest rates. The central bank announced that they will cut libor rates to -0.25% from 0.25%. This was the first negative deposit rates since the 1970s. SNB Governor Thomas Jordan mentioned that the Russian turmoil was a “major contributory factor” for the negative deposit rates. Additionally, the central bank’s action was in an attempt to depreciate the Swiss Franc given that it is too close to its imposed currency floor level.


 


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