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James Chen
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James Chen, CTA, CMT is Director of Technical Research and Education at FXDD, a global leader in foreign exchange trading. He is also a registered Commodity Trading Advisor and a Chartered Market Technician. He is the author of the books, "Essentials of Foreign Exchange Trading" (John... More
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FX Path
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Essentials of Foreign Exchange Trading
  • USD/CAD - Breakdown of 1.0800 and Pullback 0 comments
    Aug 5, 2009 1:37 PM

    After a swift breakdown below the key 1.0800 support/resistance level, price action on USD/CAD, a daily chart of which is shown, has pulled back up to approach a re-test of the breakout region. 1.0800 now serves tentatively as resistance for the pair. A breakdown continuation, which would also continue the current prevailing downtrend, would be confirmed only on a breakdown below 1.0630, which represents the lowest low after breakdown, as well as a 10-month low for the pair. In this event, immediate support should be found around the 1.0550 price region. Further below is the key 1.0300 support target.

    - James Chen, CTA, CMT

    * I will be key speaker at FXstreet.com’s International Traders Conference in Barcelona, Spain in October 2009 - for more information, please go to: www.traders-conference.com .

    * For information on my book, Essentials of Foreign Exchange Trading (Wiley), please click here.

    * Follow my intraday forex updates on Twitter: http://twitter.com/JamesChenFX


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