Loonie Dollar – USD/CAD did not decline lower after price rejected the 1.2367 resistance level but break through the 1.2367 resistance level and closed above it. The short term momentum had turned into bullish at the moment thus traders may consider looking for buying opportunities on lower time frame when price pullback to the 1.2367 support level (Previous resistance level). As long as price remains above the 1.2367 support level, we remain bullish bias and traders may continue to hunt for buying opportunities.
Pound Dollar – GBP/USD fell into its 1.5690 support level as we expected in our 23rd June 2015 Market Outlook. Given that we are still in a bullish trend, traders may consider looking for buying opportunity at this 1.5690 support level. Ideally, we would prefer to see price rejects this support level before buying into this market for safer entry. If price bounce off away from this support level, we are likely going to see price to retest its 1.5890 resistance level in the near term.
Pound Swiss Franc – GBP/CHF rallied into its 1.4700 resistance level and performed a false break at this resistance level. The false break we have at the 1.4700 resistance level could potentially pull price back to the 1.4441 support level. Aggressive traders may consider shorting this market while conservative traders are recommended to wait for price to pullback to the 1.4441 support level or after price breaks the 1.4700 resistance level before buying into this market.
Posted on 2015-06-25 06:32:32