The USD/JPY pair has broken back above the ascending trendline, which continues to serve as a support level for the pair. Some selling pressure resulted in the pair closing below the 109.25 resistance line. This has served as an obstacle for the pair in recent trading, representing a ceiling. Momentum indicators have upward trajectories.
The Eurodollar has finally broken the ascending trendline, as sellers begin to dominate price action. The 1.102 support level is now acting as a key support for the pair. A break of this support area indicates further downside potential for the pair. Fundamental factors will play a role in near-term price action. Momentum indicators have bearish trajectories.
The GBP/USD pair has begun oscillating in a fairly tight trading range. After bearish momentum took price action to the 1.280 support level, buyers returned to test the 1.288 price level once again. So far, price action has been unable to clear the 1.295 resistance level. Momentum indicators remain in bullish territory, however, both have bearish trajectories.
The USD/CHF pair has moved to test the 0.997 resistance area, which has represented a real obstacle for the pair in recent trading. Oscillations indicate that sentiment has a bullish bias denoted by the higher lows, yet higher highs are yet to be established. Momentum indicators are neutral, if slightly bullish.
The USD/CAD pair has stalled after a strong rally, with a series of small-bodied candles denoting a deceleration. With selling pressure rising, the pair may not reach the 1.333 resistance level as buyers may not have the conviction to drive price action higher. Momentum indicators have stalled in bullish territory.
Silver has broken the ascending trendline to the downside and although the break lacks conviction, it does signal a bearish bias. Price action is testing the 16.83 support level with the 16.55 support level in sight. Momentum indicators are bearish and are recovering from oversold conditions.
Neither buyers or sellers are really influencing price action in a meaningful way, however, sellers have the edge resulting in price action returning to the 1446.82 support level. This support level represents an exhaustion area which sellers have struggled to push through on a previous occasion. Momentum indicators have flattened in bearish territory.
WTI price action continues to be volatile with a strong recovery initiated by buyers to take the commodity back to the previous resistance level around the $58 per barrel range. Despite buying pressure, the commodity has been unable to break through the 57.96 resistance line. Momentum indicators have flattened in bullish territory.