Bearish Breakout Imminent For USD/CHF Pair?

• 28 Aug 2020

USD/JPY

The USD/JPY has found support which has taken the pair back towards the 107.94 price level and descending trendline. Oscillations have not gone beyond this resistance area in recent trading, therefore it remains to be seen whether buyers have the conviction to break range. Momentum indicators have upward trajectories.  

 

 

 

 

 

EUR/USD

The Eurodollar is again testing the 1.184 resistance area and a spike through from buyers resulted in the pair being held in range between the 1.175 and 1.184 price levels. Current moves represent a cooling off period for the pair. Momentum indicators have flattened in bullish territory.

 

 

 

 

 

GBP/USD

GBP/USD volatility continues and buyers have returned to test the 1.320 ceiling, again, a push beyond the resistance area was short-lived with price action contained. Buyers’ conviction was be tested and currently it remains weak. The longer-term uptrend remain intact. Momentum indicators have flattened in bullish territory.

 

 

 

 

 

USD/CHF

The USD/CHF pair is consolidating around the 0.908 support level and a bearish breakout may be imminent as oscillations begin to narrow. The support level represents the floor of an descending triangle which is generally a bearish continuation pattern. Momentum indicators have flattened in bearish territory. 

 

 

 

 

 

USD/CAD

The USD/CAD is coming under pressure as new lows are being reached. Bearish momentum remains moderate and is the result of dollar weakness rather than CAD strength. Recent moves provide further weight to the longer-term downtrend. Momentum indicators have flattened in bearish territory. 

 

 

 

 

 

GOLD

Gold is moving closer to the ascending trendline as price action has traced horizontally at the 1935 price area. A bullish rebound generally takes place at the trendline and this may be the case once again. Momentum indicators have downward trajectories yet RSI has stalled in neutral/bearish territory. 

 

 

 

 

 

OIL

WTI remains elevated and a moderate break away from the 41.69 price line appears to be underway. Doji candles indicate a lack of conviction/uncertainty; highlighting that moves are merely spillover effects rather than bullish momentum. Momentum indicators remain in bullish territory.