USDCHF Sell-Off

• 14 Apr 2021

USD/JPY

The USDJPY is heading back towards a key support area at the 108.55 price line. Bearish conviction appears to be fairly moderate. If price action manages to break the support level the longer-term established rally may breakdown. Momentum indicators have sharp downward trajectories.

 

 

 

 

GBP/USD

The GBPUSD has begun to trade horizontally, with a moderate bearish bias which has resulted in a break of the ascending trendline and 1.380 support level. Despite the break, sellers currently lack the conviction to drive any significant moves. Momentum indicators are bearish.  

 

 

 

 

 

EURUSD

The Eurodollar has returned to a previous trading range and is heading back towards the 1.198 resistance level, which has been a previous hurdle for the pair. There is a longer-term bearish bias which has seen price action contained by the descending trendline. Momentum indicators are bullish. 

 

 

 

 

USDCHF

The USDCHF pair has moved to break the 0.922 support level, as sellers have begun to dominate price action. The result is a return to a previous trading range which was also a previous period of consolidation for the pair. Momentum indicators have sharp downward trajectories.

 

 

 

 

XAUUSD

XAUUSD is consolidating within the 1682.27-1774.35 price range. The bias lies slightly with buyers yet conviction remains too low currently to facilitate a rally. Momentum indicators have upward trajectories with MACD approaching the zero line. 

 

 

 

 

USOUSD

USOUSD buyers have returned in early trading, as price action attempts to pull away from the 59.28 support level.  Commodities markets are driven by supply and demand fundamentals, therefore any new developments in these factors will influence price action more than technicals. Momentum indicators have flattened in neutral territory.

 

 

 

 

HK50

The HK50 has struggled to move beyond the 28,328.20 support level with buyers lacking the appetite to drive a rally. As a result, price action has been contained not only by the ascending trendline but the 28,328-29,518 price range. The index will likely consolidate in this range in the near-term. Momentum indicators have upward trajectories.