USD/CHF Reaches Key Support Level

• 11 Dec 2019

USD/JPY

 

The USD/JPY pair has moved to form a moderate break of the ascending trendline, with price action also breaking the 108.83 support level. A stall in price action has occurred at the 108.46 support level, at which point buyers have returned. Momentum indicators have downward trajectories. 

 

    

 

 

 

EUR/USD

 

The Eurodollar has rebounded once again from the 1.107 support line as buyers returned to take price action back towards the 1.112 resistance area. Given the fact that an uptrend is forming, pullbacks may only reach as far as the ascending trendline. Momentum indicators support bullish sentiment with both forming upward trajectories. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has reached new price highs, at levels not seen since the start of the year. Optimism may soon be tempered as the UK election process unfolds and price action has stalled already. Momentum indicators suggest that the pair is overbought, as RSI tests the 70 resistance level. However, MACD is maintaining an upward trajectory though is a lagging indicator.

 

 

 

USD/CHF

 

The USD/CHF continues to be plagued by bearish sentiment, as sellers have taken price action to test the 0.985 price level. On several previous occasions, the pair has rebounded from this price level as sellers were not able to drive price action lower. Momentum indicators have bearish trajectories.  

 

 

 

 

USD/CAD

 

USD/CAD sellers returned after a break of the 1.323 resistance line, which will now form a support level. This may be a pullback in another bullish run for the pair, confirmed if sellers are unable to force a break of the support level. Momentum indicators have stalled in neutral conditions. 

 

 

 

SILVER

 

Silver had been bouncing along the 16.85 support level, yet sellers have begun to dominate price action to test the 16.55 price level. Price action has failed to break this resistance line, which represents an exhaustion area, where significant momentum has been required to break beyond this price area. Momentum indicators have flattened in bearish territory.  

 

 

 

 

GOLD

 

Gold buyers have had the edge in recent price action, however, sellers have begun to dominate taking the metal back through the 1468.50 support level which is now serving as a resistance level. The 1446.82 support level represents a recent price floor for the current trading range. Momentum indicators have bullish trajectories. 

 

 

 

 

OIL

 

WTI price action continues to be volatile, with strong moves by both buyers and sellers. Buyers have determined the direction of price action in recent trading. Yet, despite buying pressure, the commodity has failed to move into the $60 per barrel range. Momentum indicators have flattened in bullish territory.