|GBP/JPY Technical Levels and Trading Recommendations for July 23, 2012|
|USD/CHF: Weekly Technical Levels for July 23 - 27, 2012|
The USD/CAD pair is demonstrating a continuation of the Flag Pattern after long bullish swing initiated around the price level of 0.9797 on the 1st of May which is expected to reach the target of 1.0360 then 1.0450 as initial targets for the pattern when it is confirmed by breakthrough above the price level of 1.0245.
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0255.
Fibonacci level 50% is located at the price level of 1.0120 (S1) and 61.8% is located at 1.0045 (S1) which are considered as strong Support levels also corresponding to the lower limit of the bearish channel depicted on the chart.
During the last week, USD/CAD has been trapped within a narrow ranged price zone between 1.0170 -1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action which pushed the pair to the downside breaking down the lower limit of the consolidation range as well Fibonacci level 50% around 1.0120, thus, it's important to watch this price zone when re-visited which is taking place now as it may constitute a solid resistance zone for the USD/CAD pair.
On the short-term, price level of 1.0060 constituted an intraday support which managed to push USD/CAD to the upside towards 1.0175 and 1.0235.
Price zone between 1.0230 -1.0250 should be carefully watched for price action in order to take a profitable trade at this key level.
Mohamed Samy is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Mohamed Samy
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