By Orbex
USDCHF grinds rising trend line
The US dollar continues upward over the interest rate differential. The pair’s steep climb over the past month pushed the RSI into an extremely overbought condition on the daily chart. A pullback may be due to let the bulls catch their breath, but a confirmation is yet to materialise. Sentiment would stay intact if the price action maintains its course above the rising trend line. November 2019’s high at 1.0020 is the next target. The resistance-turned-support at 0.9820 sits next to the trendline, making it an area of interest.
EURGBP breaks key resistance
The pound weakens as fears of a recession in the UK take hold. The pair’s recovery accelerated after it broke above this year’s high at 0.8510. A bullish reversal in the medium-term could be in the making as sentiment turns around. The RSI’s double top in the overbought area may temporarily limit the rally. The bulls may look to accumulate at the next retracement. 0.8510 is the closest support and 0.8440 an important demand zone for the latest rally. A bounce above 0.8590 would trigger a runaway rally towards 0.8700.
XAGUSD tests 5-month low
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.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
Silver edged lower as US Treasury yields stayed high. A break below the recent consolidation range at 22.20 suggested a lack of buying interest and prompted early bulls to bail out. The price is testing last December’s low at 21.50. As the RSI shows an oversold condition on both daily and hourly charts, profit-taking from the short-side and dip-buying could cause a rebound. 22.50 is a fresh resistance and 23.25 a major hurdle before buyers could push for a reversal. Otherwise, the psychological level of 20.00 might be next.
Test your strategy on how the CHF will fare with Orbex – Open Your Account Now.
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
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024
- PMI data is the focus of investors’ attention today. Turkey, Iraq, Qatar, and UAE signed a transportation agreement Apr 23, 2024
- Australian dollar rises on strong economic indicators Apr 23, 2024
- Geopolitical risks in the Middle East are declining. China kept interest rates at lows Apr 22, 2024
- Brent crude dips to four-week low amid easing geopolitical tensions Apr 22, 2024
- COT Metals Charts: Speculator bets led by Copper & Silver Apr 20, 2024
- COT Bonds Charts: Speculator bets led by 10-Year Bonds & Fed Funds Apr 20, 2024
- COT Stock Market Charts: Speculator bets led by S&P500-Mini Apr 20, 2024