By Orbex
USDCHF tests daily resistance
The US dollar carries on its rally as the SNB sticks with ultra-loose policy.
Strong momentum above 0.9090 indicates that the directional bias has shifted to the upside as sellers rush to bail out. The rebound is now testing the resistance at 0.9200 on the daily chart.
The RSI shows overextension and could lead to a temporary pullback. The former supply zone near 0.9070 and the 30-hour moving average is the first support.
0.9270 is the nearest resistance when buyers renew their pressure.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
AUDUSD tanks to critical demand area
A drop in Australia’s unemployment rate barely lifted its currency as traders’ prices in the US taper.
The breakout below the demand area at 0.7600 is a sign of mounting bearish pressure. 0.7530 is a critical support to safeguard the uptrend from a medium-term perspective. Its breach could trigger an extended sell-off leading to a reversal.
An oversold RSI is rising back to the neutral area.
A combination of profit-taking and fresh buying may lift the price to the immediate resistance at 0.7640.
UK 100 retreats to key support
The FTSE index consolidates as traders ponder inflation threat post-FOMC.
The rally above May’s high at 7160 is a bullish sign though short-term data-driven volatility is unlikely to die down. 7200 has capped buyers’ attempts to push higher and is now a key hurdle.
A dip below 7135 may force leveraged buyers to abandon ship, especially when a divergent RSI points to a loss in the upward momentum.
7100, a resistance-turned-support is an area of congestion as it lies on the 20-day moving average.
By Orbex
- The hawkish attitude of FOMC representatives puts pressure on stock indices. Oil is growing amid escalation in Eastern Europe Nov 18, 2024
- AUD/USD Stabilises Amid RBA’s Hawkish Outlook Nov 18, 2024
- COT Metals Charts: Speculator Changes led lower by Gold & Platinum Nov 17, 2024
- COT Bonds Charts: Large Speculator bets led by 2-Year & Ultra Treasury Bonds Nov 17, 2024
- COT Soft Commodities Charts: Large Speculator bets led by Corn & Soybean Oil Nov 16, 2024
- COT Stock Market Charts: Speculator Bets led by MSCI EAFE & VIX Nov 16, 2024
- The Dollar Index strengthened on Powell’s comments. The Bank of Mexico cut the rate to 10.25% Nov 15, 2024
- EURUSD Faces Decline as Fed Signals Firm Stance Nov 15, 2024
- Gold Falls for the Fifth Consecutive Trading Session Nov 14, 2024
- Profit-taking is observed on stock indices. The data on wages in Australia haven’t met expectations Nov 13, 2024
