A Reversal Underway For USD/CHF Pair?

• 1 Nov 2018

 

 

USD/JPY

The USD/JPY pair has bounced back from the 111.81 support level but has stalled short of the 113.26 price level. Momentum indicators have turned bullish, with MACD halting at zero line and RSI flat-lining in neutral/bullish territory.

 

 

EUR/USD

The EUR/USD pair is testing a key support level at the 1.133 price line and there is yet to be a full break established. Momentum indicators remain bearish with MACD extending its position below the zero line and RSI has hit oversold conditions at the 30 support level.

 

 
 
 
 
GBP/USD

The GBP/USD pair has bounced back from the 1.269 price level which represents a recent price low. Momentum indicators are reversing; MACD is turning less negative and RSI is pulling away from oversold conditions.

 

 

 

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 which may suggest that a reversal is imminent.

 

 

USD/CAD

The USD/CAD has been volatile in recent trading in response to a volatile oil market. A break of the descending trendline has sent price action to the 1.316 price level as an ascending channel begins to develop. A break of the zero line on MACD and the upward trajectory of the RSI indicates the bullish momentum is well supported.

 

 

SILVER

Silver has broken the 14.41 price level and the next target for sellers is likely the 14.03 price level. Momentum appears to be bearish; as MACD approached the zero line once again and RSI heads towards the 30 support level.

 

 

 
GOLD

Gold has fallen back after breaking the 1231.10 price level and is now testing the 1209.70 price level. Momentum indicators appear to be retracing from bullish positions; MACD is undergoing a momentum reversal and RSI is pulling away from overbought conditions.

 

 

 

OIL

Oil price has broken yet another support level at 66.13, with the next target being the 64.05 price level. Momentum indicators remain bearish; with MACD breaking the zero line and RSI stalling at the 30 support line.