USD/CHF Breaks Key Support Level

• 18 Aug 2020

USD/JPY

USD/JPY sellers have pushed price action beyond the 106.05 support level indicating that a new trading range may be established. A recent support exists at the 104.67 price level. Momentum indicators remain in bearish territory to reflect the recent bearish bias.  

 

 

 

 

 

EUR/USD

Eurodollar buyers have pushed price action beyond the 1.184 resistance line, breaking out of the 1.175-1.184 trading range. A break may signify strong appetite from buyers to continue the rally long-term. Momentum indicators remain in bullish territory with RSI testing the 70 resistance line.

 

 

 

 

 

GBP/USD

GBP/USD buyers still lack the conviction to drive a break of the 1.311 resistance level. The smaller the candle bodies become, the more likely a breakout. A longer-term bullish trend has been established. Momentum indicators remain in bullish territory, with RSI testing overbought conditions.

 

 

 

 

 

USD/CHF

The USD/CHF reversal has been held and a break of the 0.908 support level suggests that sellers have built significant momentum and that a long-term bearish trend may be established.  Fundamental factors are likely to play a significant role for this pair. Momentum indicators remain in bearish territory. 

 

 

 

 

 

USD/CAD

The USD/CAD pair continues to test the 1.322 support level, which has been an obstacle previously. Given the longer-term trajectory for the pair we may expect price action to breakout of this range after a period of consolidation. Momentum indicators remain in bearish territory. 

 

 

 

 

 

GOLD

The Gold recovery has begun to find legs as bullish momentum strengthens. Oscillations may become narrower as the metal approached the apex of the triangle. The 2065 price line remains the ceiling of the trading range. Momentum indicators are beginning upward trajectories once again. 

 

 

 

 

 

OIL

WTI appears to be forming a moderate uptrend despite extremely low bullish momentum. Price is likely to stabilize in the $40 per barrel range for the foreseeable future. Momentum indicators remain in bullish territory, with upward trajectories.