By Orbex
USDCHF tanks to new lows
The US dollar falls as higher continuing jobless claims point to volatility in the labour market. The bearish MA cross from the daily chart is a reminder of the US dollar’s weakness across the board.
The latest consolidation has ended up with a breakout below 0.9110 in continuation of the downtrend. As the RSI shows an oversold situation, profit-taking could lead to a short rebound towards the resistance at 0.9145.
However, this might turn out to be a dead cat bounce if trend followers seize it as an opportunity to sell into strength. 0.9020 would be the next target in the next round of sell-off.
GBPUSD consolidates recent gains
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
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.
Sterling found support after the BoE raised its forecast for Britain’s economy and hinted at reducing its stimulus programme.
The bullish MA cross on the daily chart may give buyers an edge as the price action wraps up its sideways action. A confirmation may come in with a breakout above 1.3960.
Strong momentum above the psychological level of 1.4000 could prompt short-term sellers to bail out. This would resume the pair’s upward trajectory.
On the downside, the demand zone between 1.3800 and 1.3840 is of interest for those wishing to bet against a soft greenback.
US 30 extends all-time high
The Dow extended gains to an all-time high as investors rebalance assets away from over-stretched growth stocks.
The index continues to grind higher along the 20-day moving average as a sign of optimism.
Following its breakout above the 33700-34250 range, buyers seem to have regained control of the price action. A runaway rally gained traction after sellers closed their positions when it was still cheap to do so.
An overbought RSI may suggest a temporary pullback. 34200 is the immediate support in case of a pullback. Further down, 33770 would be a critical level to maintain the short-term bullish fever.
By Orbex
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024
- COT Bonds Charts: Speculator Weekly Changes led by 5-Year & 10-Year Bonds Apr 28, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & Russell-Mini Apr 28, 2024
- COT Soft Commodities Charts: Speculator Bets led by Corn & Soybean Meal Apr 28, 2024
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024