By Orbex
USDCAD struggles for support
The Canadian dollar rose after January’s CPI exceeded expectations. The recent triple top near 1.2800 at the origin of the January sell-off is a sign of strong bearish pressure.
A combination of profit-taking and new selling means that sentiment is yet to make a decisive turnaround. The bulls will need to push past this major daily resistance before the US dollar could recover to 1.2960.
Failing that, a drop below the lower band (1.2640) of the current consolidation range would bring the pair to 1.2560.
GBPCHF attempts breakout
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The sterling finds support from upbeat readings in the UK’s CPI and retail sales.
The rally came under pressure in the supply zone around 1.2600. A retreat below 1.2500 has shaken out some weak hands but the sentiment remains upbeat. A subsequent bounce off the demand zone (1.2470) suggests solid interest in keeping the pound afloat.
A break above the said resistance would trigger momentum buying and open the door to last October’s high at 1.2760. On the downside, a deeper retracement would test the next support at 1.2380.
USOIL shows signs of overextension
Oil prices faltered after a surprise rise in US inventories. WTI hits resistance at September 2014’s high (95.50).
The RSI’s repeated overbought situation on the daily chart may restrain the bullish fever. A bearish RSI divergence on the hourly time frame indicates a loss of momentum in the short term. 89.10 is the closest support that sits along the 20-day moving average.
Buyers could be waiting to enter at pullbacks. A deeper retreat could trigger a sell-off towards 84.00, which is a demand zone from January’s breakout.
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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