By Orbex
USDCHF tests daily support
The Swiss franc surges as the US-Russia stalemate boosts demand for safe haven assets. Consecutive drops below 0.9220 and then 0.9180 suggest that sellers have taken control.
The greenback is heading towards January’s double bottom around 0.9110. A break below this key floor would trigger a deeper correction towards the psychological level of 0.9000.
The RSI’s oversold situation may cause a temporary rebound. The support-turned-resistance at 0.9220 is the level to break to give the bulls any hope of recovery.
XAGUSD bounces higher
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Bullion rallies over ongoing geopolitical tensions in Eastern Europe. Silver gained momentum after a break above the supply zone at 23.90.
A brief fallback found support over 23.10 which indicates solid buying interest. The price is grinding up along a rising trendline and sentiment remains upbeat as long as it stays above the congestion area near the trendline and 23.60.
January’s peak at 24.70 is the target when volatility picks up again. A bullish breakout could trigger a broader reversal in the weeks to come.
UK 100 struggles for support
The FTSE 100 tumbles as risk appetite slips across the board. The bulls’ latest effort to push beyond 7630 turned out to be futile. A break below 7500 suggests a lack of commitment and weighs on short-term sentiment.
Intraday traders have switched sides and look to fade the next bounce towards the former support.
A dip below 7430 has opened the door to 7330 as the next target. Further down, the daily support at 7240 would be a major level to keep the uptrend intact in the medium term.
Article by Orbex
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