Bullish Reversal Pattern For USDCHF

• 12 Apr 2021

USD/JPY

The USD/JPY pair has rebounded from the 109.14 support level, once again, yet bullish momentum appears weak. Price action may now oscillate between the 109.14 and 111.20 price levels, however, longer-term, the trend remains bullish. Momentum indicators have bearish trajectories.

 

 

 

 

GBP/USD

The GBPUSD break has resulted in a series of doji candles, suggesting indecision in the pair. The break may also signal a reversal in the recent uptrend, yet bearish conviction remains weak. Momentum indicators remain strongly bearish.  

 

 

 

 

 

EURUSD

The Eurodollar has broken the 1.184 resistance line with a resulting slowdown in bullish momentum. Price action has been contained within this trading range on previous occasions. Overall, longer-term sentiment is bearish with price action being contained by the descending trendline. Momentum indicators have upward trajectories. 

 

 

 

 

USDCHF

A morning star doji pattern in the USDCHF pair signals a bullish reversal. The 0.922 support level has remained an obstacles for sellers in the past. Price action may now oscillate between the 0.922 and 0.935 price levels in the near-term. Momentum indicators have bearish trajectories.

 

 

 

 

XAUUSD

XAUUSD has failed to move beyond the 1745 resistance area, despite several rally attempts. Sellers typically return at this price level to contain the metal within the 1682-1745 range and price action may continue to oscillate within this range. Momentum indicators have upward trajectories. 

 

 

 

 

USOUSD

The USOUSD continues to hug the 59.28 support level, where a series of doji candles indicates a lack of appetite from both buyers and sellers. Horizontal price action will likely continue until a change in fundamental factors. Momentum indicators have flattened in bearish territory.

 

 

 

HK50

The HK50 has bounced back from the ascending trendline and returned to the 28,328 support level. Sellers have been unable to drive a sustained move below the support level, despite a clear breakdown in the rally. Momentum indicators are bearish.