USDCHF Approaching Key Support Level

• 11 Jun 2021

USD/JPY

USDJPY pair has moved to test the ascending trendline and buyers have returned in early trading. A bullish rebound is therefore anticipated with the 110.69 price level representing a target. Momentum indicators have flattened in bullish territory.

 

 

 

 

GBP/USD

The GBPUSD pair remains glued to the 1.418 resistance line which now represents a real hurdle for GBP buyers. Previous selling activity has been thwarted by residual bullish sentiment. Conviction is not currently strong enough to drive the break. Momentum indicators have flattened in bullish territory.

 

 

 

 

EURUSD

The Eurodollar has the 1.224 resistance line in sight as the rally continues after a touch of the ascending trendline. Despite a fade lower after a test of the 1.224, bullish sentiment remains. Momentum indicators have moderate downward trajectories.

 

 

 

 

USDCHF

The USDCHF sell-off has resumed and price action is now headed back towards the 0.889 support level. This price line represents a strong previous resistance line and an area for bullish rebounds in price action which also facilitated an extended rally. Momentum indicators are bearish.

 

 

 

 

XAUUSD

XAUUSD pulled back firstly, to the 1870 support level and also the ascending trendline in yesterday’s trading, which ended in a rise in buying pressure. Currently the ascending trendline remains intact as a support level and price action remains tight to the trendline. Momentum indicators have flattened in bullish territory.

 

 

 

 

WS30

The WS30 index has pulled back to the ascending trendline as price action continues to narrow into the apex of an ascending triangle. Given the strength of the trendline as a support level, another rebound is anticipated and may facilitate a break of the upper bound at the 34,864 price level. Momentum indicators have downward trajectories.

 

 

 

 

JP225

The JP225 has once again touched the descending trendline and a bearish move is now anticipated. The trendline remains a key resistance level and hurdle for buyers previously. Momentum indicators have flattened in neutral/bullish territory.