By Orbex
USDCHF tests key resistance
The US dollar consolidates gains after the FOMC minutes signaled for rate hikes if inflation stays high. A bullish MA cross on the daily chart is strong evidence for an upbeat sentiment.
The pair is testing last September’s peak at 0.9365. A breakout would flush the short interest out and attract momentum buyers.
An extended rally may carry the price to April’s high at 0.9470, a major resistance from the daily chart. An overbought RSI may cause a brief pullback. 0.9300 from the previous consolidation would be a new support.
EURGBP remains under pressure
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The euro struggles due to fears of a new round of covid lockdowns across the continent.
The fall below the daily support at 0.8400 has put the few buyers under pressure. A faded rebound suggests that the bears are still in control of the direction.
The RSI’s bullish divergence points to a deceleration in the sell-off. However, in the absence of confirmation, the current sideways action could be a mere consolidation. Buyers may remain cautious unless offers around 0.8435 get lifted. A break below 0.8380 may send the pair to 0.8300.
XAUUSD lacks support
Gold extended losses as expectations for higher interest rates grew. The break below 1823 has forced leveraged buyers to liquidate their positions, stirring up volatility in the process.
The price is heading towards the origin of the November rally at 1760. A bullish RSI divergence shows that the downward pressure could be waning.
As the RSI dips into the oversold territory, buyers have started to bid again from the demand area. 1812 is a key hurdle to lift or the metal could plunge to September’s low at 1730.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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