The USD/JPY pair has pulled back after the break of the 107.90 price line, yet buyers are still active in the pair. Selling activity after the break may be the first indication that, at least the pace of the rally, may not last. Momentum indicators suggest the pair is overbought, with RSI moving beyond the 70 overbought line.
The GBPUSD pair is heading closer to the 1.373 support level which represents the upper bound of a previous trading range. Selling momentum appears to have slowed and buyers have returned as the pair moves closer to the support level. Momentum indicators have downward trajectories.
The Eurodollar has broken the ascending trendline and a break of the 1.192 support level has inspired the return of buyers. The question is: can buyers contain price action within the 1.192-1.217 range? Momentum indicators are bearish, with RSI touching the 30 oversold line.
The USDCHF pair has surged towards a recent high at the 0.928 price level, where price action briefly stalled. Buyers remain active as the pair aims to return to pre-pandemic price levels. Momentum indicators are bullish, with RSI moving beyond the 70 overbought line.
The USDCHF pair looks to be close to a bearish breakout as price action edges closer to the apex of a descending triangle. Bullish moves have been consistently contained by the upper resistance line of the triangle. Momentum indicators have flattened in bearish/neutral territory.
XAUUSD may make another attempt at a rally, yet support for the move continues to be weak. If dollar strength persists, we can expect further downside for the metal. Currently, price action is testing a long term support level at 1708. Momentum indicators are bearish, with RSI turning away from the oversold line.
The USOUSD rally has broken a long-term resistance level at the 65.69 price line as bullish momentum has facilitated a price gap in the early Asian trading session. The gap up may signal a weakening of the rally and the next few trading sessions will clarify. Momentum indicators are bullish, with RSI testing overbought conditions.