US Dollar Strengthens Against Major Peers

• 24 Jul 2019

Kickstart your new year with the best USD50 bonus campaign. Limited-time offer! Get it now!

USD/JPY

 

The USD/JPY pair has bounced back from the 107.16 price level, as the pair appears to be entering into a trading range between the 107.16 and 108.54 price levels. Momentum indicators are mixed with MACD stalling just below the zero line and RSI flattening at the default line.  

 

 

 

 

EUR/USD

 

EUR/USD is now testing the 1.114 support level, which represents a key support area for the pair, with a recent floor at the 1.112 support level. The sell-off will likely be followed by a rebound as has been the case on previous occasions. There is further downside potential indicated by RSI which is heading towards oversold conditions. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has entered into a trading range between the 1.240 and the 1.253 price levels. This horizontal trading will likely continue until there are more political developments. Momentum indicators remain moderately bearish despite a mild recovery from oversold conditions.  

 

 

 

USD/CHF

 

The USD/CHF pair continues to oscillate around the descending trendline, though buyers are currently dominating heading back to the 0.987 resistance line. The trendline will likely remain as a strong resistance area for the pair. Momentum indicators remain bearish with MACD flattening below the zero line and RSI remaining in the bearish channel. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the 1.309 resistance line and is once again testing a stronger resistance area at the 1.313 price level. A breakout will be confirmed if the 1.313 price level is broken (with a full close above the resistance line). Momentum indicators appear to be undergoing moderate recoveries, turning more bullish. 

 

 

 

SILVER

 

Silver is consolidating within a tight trading range as buyers appeared to have lost steam mid-rally, however, a revival has taken price action higher. RSI has bounced off the 70 overbought line and MACD has extended further into bullish territory. 

 

 

 

 

GOLD

 

Gold appears to be undergoing a reversal in price action with a break of the 1439.13 resistance line, as well as the ascending trendline. Momentum indicators are also pulling back from overbought conditions in apparent bearish reversals. 

 

 

 

 

OIL

 

WTI is testing the descending trendline once again, as price action heads back towards the 58.14 resistance line. Sellers appear to have returned in early trading as soon as price action reached the descending trendline. Momentum indicators are marginally bearish, with MACD testing the zero line and RSI remaining in the bearish channel. 

 

 

---

Follow Us on Facebook: