Reversal Ahead For USD/CHF?

• 18 Apr 2019

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USD/JPY

 

The USD/JPY pair has broken an ascending trendline to the upside as well as the 111.75 price level where price action has stalled. Momentum indicators support the bullish sentiment with MACD breaking the zero line to the upside however, RSI has stalled at the 70 resistance level. 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.125 price level and the descending trendline with a strong bullish candle, however the rally has stalled before reaching the 1.132 price level. Momentum indicators suggest that sentiment remains bullish.

 

 

 

 
 GBP/USD

 

The GBP/USD pair continues to test the ascending trendline, however, on several previous occasions a bullish reversal has ensued once price action reached this support line. However, the break could indicate a period of dollar strength over the pound. MACD has broken the zero line, however RSI remains neutral. 

 

 

 

USD/CHF

 

The USD/CHF pair has begun testing the recent price high at the 1.010 level and on each previous occasion, the pair has reversed this position. Momentum indicators are strongly bullish however, RSI has hit overbought conditions which may serve as further indication that a reversal is imminent. 

 

 

 

 

USD/CAD

 

The USD/CAD pair is oscillating closer to the upper trendline with the 1.330 price level representing a support. The pair is also edging closer to the apex which should result in a bullish breakout. Momentum indicators are currently neutral but remain in bullish territory.

 

 

 

SILVER

 

Silver has broken the 15.23 support line and the metal has assumed a new trading range after a recent sell-off. The next target for sellers is the 14.76 price level. Momentum indicators are bearish with RSI stalling above the 30 oversold line. 

 

 

 

 

GOLD

 

Gold has broken the 1279.66 support level representing the end of the recent rally. The metal has broken out of a trading range between the 1279.66 and 1322.43 price levels which may signify longer-term bearish sentiment. Momentum indicators remain bearish, although RSI is approaching oversold conditions.

 

 

 

 

OIL

 

WTI buyers are beginning to dominate price action with the ascending trendline acting as a strong support for the commodity. WTI has broken the psychological $60 per barrel range, with the next target of $65 per barrel in sight. RSI has broken below the 70 resistance area which may be the first indication that the current rally will not last.   

 

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