By Orbex
USDCHF sinks towards February’s low
The US dollar remains downbeat after Fed officials insisted that interest rates would stay low.
Buyers’ struggle to hold on to 0.8950, the origin of last week’s elusive rebound is an indication of a strong bearish bias. The psychological level of 0.9000 has capped the greenback’s advance after it turned into a resistance from a support previously.
An oversold RSI may prompt a brief bounce only to meet selling pressure ahead. February’s low at 0.8870 would be the next stop if the price falls below 0.8830.
AUDUSD holds above major support
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.
The Australian dollar climbs as risk sentiment makes a timid return. The price action has so far met bids in the demand area around 0.7700, which is also a key support on the daily chart.
The general direction remains bullish as long as buyers succeed in holding this level. 0.7810 is the hurdle ahead after a failed attempt to break out last week.
Renewed momentum could put 0.7890 within reach. On the downside, a drop below 0.7700 may send the Aussie towards 0.7600.
SPX 500 recovers towards peak
The US index inches up as Treasury yields make a retreat. The rebound has clawed back most of the previous losses.
The peak at 4245 may see strong selling interest as a combination of profit-taking and fresh selling. A repeatedly overbought RSI could weigh on the intraday price action.
4150 is the immediate support in case of a pullback.
On the upside, a bullish close above 4245 would resume the uptrend after two weeks of consolidation. Interest from momentum buyers could push the index to 4300.
By Orbex
- Canadian dollar declines after weak GDP data. Qatar threatens EU to halt natural gas exports Dec 24, 2024
- Goldman Sachs has updated its economic projections for 2025. EU countries are looking for alternative sources of natural gas Dec 23, 2024
- COT Bonds Charts: Speculator Bets led by SOFR 3-Months & 10-Year Bonds Dec 21, 2024
- COT Metals Charts: Speculator Bets led lower by Gold, Copper & Palladium Dec 21, 2024
- COT Soft Commodities Charts: Speculator Bets led by Live Cattle, Lean Hogs & Coffee Dec 21, 2024
- COT Stock Market Charts: Speculator Bets led by S&P500 & Russell-2000 Dec 21, 2024
- Riksbank and Banxico cut interest rates by 0.25%. BoE, Norges Bank, and PBoC left rates unchanged Dec 20, 2024
- Brent Oil Under Pressure Again: USD and China in Focus Dec 20, 2024
- Market round-up: BoE & BoJ hold, Fed delivers ‘hawkish’ cut Dec 19, 2024
- NZD/USD at a New Low: The Problem is the US Dollar and Local GDP Dec 19, 2024
