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2022/02/01 Market Analysis

Authored by TD Markets
01.02.2022
Technical Analysis
0
2 min

CHFJPY

CHFJPY dropped to the bottom of the structure. The structure aligns with the 78.6 fib level as well as the support zone which provides confluence. Price action indicates a shift in momentum and is further confirmed by the breakout of the descending channel. Traders will be interested in looking for long opportunities once a higher high forms. 

EURCAD

EURCAD is still maintaining the bullish structure after forming a double bottom. The trendline is still providing support and structure has been broken to the upside. The next area of interest is the resistance around 1.43700. A break above the current resistance zone will alert traders of a potential 90 pips bullish leg to the next resistance zone. Traders are waiting for clear bullish momentum and a break and close above the resistance to confirm the entry.

USDCAD

USDCAD is forming a bullish continuation structure. The trend is still bullish and price action indicates there is still bullish momentum. Traders are waiting for a second bounce on the bottom of the corrective structure or an aggressive breakout before looking for long positions.

Authored by TD Markets
01.02.2022
Technical Analysis
0
2 min
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