Chart Art: Dollar Talk With USD/CHF and USD/CAD

National Financial Solution > Forex Trading > Chart Art: Dollar Talk With USD/CHF and USD/CAD

I don’t know if you’ve noticed, but this week’s dollar strength has pushed USD/CAD and USD/CHF to very interesting chart levels.

Can the bulls keep up their momentum?

Check out these swing and long-term setups!

USD/CHF: 4-hour

USD/CHF 4-hour Forex Chart
USD/CHF 4-hour Forex Chart

Remember that downtrend that we spotted a few days back? Yeah, that didn’t go well. The bulls took their time but they eventually pushed above the resistance levels that we were watching.

USD/CHF is now trading around .9225, which lines up with June’s highs.

If the bears step in and gain momentum, then we could see a retest of the .9170 Double Top “neckline” support on the 4-hour time frame. Heck, it could even see a downside breakout that would drag the dollar to the 100 SMA area!

But what if the dollar extends its upswing against the franc? Watch out for USD/CHF surpassing June’s highs, which could propel the pair into retesting areas of interest like .9300 or .9360.

USD/CAD: Daily

USD/CAD Daily Forex Chart
USD/CAD Daily Forex Chart

If you missed USD/CAD’s rejection at a 61.8% Fib retracement, then here’s your chance!

The dollar is back at the 1.2400 zone that lines up with a trend line resistance that hasn’t been broken since late 2020. What’s more, the 100 SMA is also around USD/CAD’s current levels to keep some of the bulls away.

A couple of bearish candlesticks around USD/CAD’s current levels could lead to the dollar extending its downtrend against the Loonie and hitting previous support points like 1.2275 or 1.2050.

But don’t discount an upside breakout yet! A clear break above the trend line and the daily chart’s 100 SMA can also push USD/CAD previous inflection points like 1.2620 or 1.2700.

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