USDCHF Reversal Is Underway

• 16 Mar 2022

USD/JPY

USDJPY buyers may have lost steam as a series of doji candles, after a big spike in buying activity, reflect indecision.  A bearish reversal may now be on the cards and is dependent of bearish conviction amidst uncertainty in fundamentals. 

 

 

 

 

GBP/USD

The GBPUSD pair has begun to pull away from the 1.300 support level despite a rise in selling pressure. The 1.310 resistance line is now in sight though the question is; do buyers have the support? Momentum indicators are bearish and undergoing reversals.

 

 

 

 

EURUSD

The EURUSD is climbing back towards the 1.113 resistance line yet small-bodied candles represent weak bullish momentum, therefore the pair is most likely to remain within the current range. Momentum indicators have established upward trajectories. 

 

 

 

 

USDCHF

The USDCHF has failed at the 0.941 resistance line, as selling activity began to rise in yesterday’s trading session. A reversal is now underway. A support line (which represents a previous resistance area) is in sight at the 0.936 price line. Momentum indicators are approaching overbought conditions. 

 

 

 

 

XAUUSD

The XAUUSD has broken below the 1970 support level and is now testing the 1906 support line, where buyers appear to have returned. Currently, the sell-off has been contained which may suggest that the pair will languish in the current range in the near-term. 

 

 

 

 

USOUSD

The USOUSD has bounced back from the 93.78 support line after a strong sell-off. Buyers appear to be returning in early trading as price action is contained in the $90 per barrel range. Momentum indicators have sharp downward trajectories.  

 

 

 

 

NDX100

The NDX100 has rebounded from the 13,182 support line and is now testing 13,464 resistance line. A descending trendline has contained any previous rally attempts and therefore the bullish momentum may not last. Momentum indicators have flattened in bearish territory.