Has The USD/CHF Pair Developed A New Trading Range?

• 7 Nov 2018

USD/JPY

 

The USD/JPY pair is testing the 113.54 resistance level and is continuing the longer-term upward trend. Momentum indicators have turned bullish, with both MACD and RSI assuming upward trajectories.

 

 

 

EUR/USD

 

The EUR/USD pair has bounced back from the 1.133 price line as price action reversed from the key support area. Momentum indicators are also undergoing a reversal.

 

 
 
 
 GBP/USD

 

The GBP/USD pair has bounced back from the 1.269 price level to break the 1.306 resistance. Momentum indicators have turned sharply bullish in recent trading to support buyers and volume also supports the move.

 

 

 

 

USD/CHF

 

The USD/CHF pair has broken a key resistance area at the 1.003 price level which has resulted in the return of sellers. MACD has flattened in bullish territory and RSI is pulling back from overbought conditions. Price action appears to have stalled at the 1.003 resistance level therefore a full downside break would be significant.

 

 

 

 

USD/CAD

 

The USD/CAD has broken the 1.309 price level and is approaching the 1.316 price level. Momentum indicators appear to be bullish with RSI displaying an upward trajectory. MACD has flattened in bullish territory. 

 

 

 

SILVER

 

Silver has broken back above the 14.41 price level in a volatile week of trading for the commodity. The next price target for Silver is the 14.91 price level which remains a strong resistance area. A new trading range remains between the 14.03 price level and the 14.91 price level.

 

 

 

 

GOLD

 

Gold continues to test the 1231.10 price level and buyers may push price action towards the 1241.48 price level. The 1231.10 price level has proved to be significant as once again buyers failed to break through. Momentum indicators have flattened indicating waning conviction from buyers. 

 

 

 

 

OIL

 

Oil price continues to break support levels and has now cleared the 64.05 price level. The question is whether the bearish sentiment can continue, the commodity is now testing the 61.89 price level which is a long-term support level. Momentum indicators support the sell-off; with MACD extending its bearish position and RSI extending into oversold territory.