Abstract:USD in overbought conditions
USD/CHF tests daily resistance
The US dollar carries on its rally as the SNB sticks with ultra-loose policy.
Strong momentum above 0.9090 indicates that the directional bias has shifted to the upside as sellers rush to bail out. The rebound is now testing the resistance at 0.9200 on the daily chart.
The RSI shows overextension and could lead to a temporary pullback. The former supply zone near 0.9070 and the 30-hour moving average is the first support.
USDCHF tests daily resistanceThe US dollar carries on its rally as the SNB sticks with ultra-loose policy.
Strong momentum above 0.9090 indicates that the directional bias has shifted to the upside as sellers rush to bail out. The rebound is now testing the resistance at 0.9200 on the daily chart.
The RSI shows overextension and could lead to a temporary pullback. The former supply zone near 0.9070 and the 30-hour moving average is the first support.
0.9270 is the nearest resistance when buyers renew their pressure.
AUDUSD tanks to critical demand areaA drop in Australia‘s unemployment rate barely lifted its currency as traders’ prices in the US taper.
The breakout below the demand area at 0.7600 is a sign of mounting bearish pressure. 0.7530 is a critical support to safeguard the uptrend from a medium-term perspective. Its breach could trigger an extended sell-off leading to a reversal.
An oversold RSI is rising back to the neutral area.
A combination of profit-taking and fresh buying may lift the price to the immediate resistance at 0.7640.
UK 100 retreats to key supportThe FTSE index consolidates as traders ponder inflation threat post-FOMC.
The rally above May‘s high at 7160 is a bullish sign though short-term data-driven volatility is unlikely to die down. 7200 has capped buyers’ attempts to push higher and is now a key hurdle.
A dip below 7135 may force leveraged buyers to abandon ship, especially when a divergent RSI points to a loss in the upward momentum.
7100, a resistance-turned-support is an area of congestion as it lies on the 20-day moving average.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Easy Trading Online Broker Proud to be a trusted Forex trading platform. Fulfilling all the mentioned criteria, we provide: A trading platform that is easy to use and understand. Advanced market analysis tools To help you keep track of market changes and make effective trading decisions. Competitive trading fees It will help you save on your expenses. Professional customer support team Always available to advise when in doubt 24/7.
Easy Trading Online, a leading global CFDs broker regulated by ASIC, won the Best Online Trading Services Award at the BrokersView 2024 Award for Brokers with Outstanding Assessment·Middle East in Dubai. The award recognizes their excellence in trading services, leveraging technology and ensuring liquidity.
The Traders Fair Thailand 2024 was successfully held at Bangkok Shangri-La Hotel on February 3rd. As an exhibitor and sponsor, Easy Trading online attended the Expo with professional service team and extraodinary online trading experience on FX & CFDs.
Easy Trading Online, global CFDs & FX broker, is excited to announce its platinum sponsorship of the "Demo Trading World Cup Season 2." This sponsorship not only reinforces Easy Trading Online's commitment to the forex trading community but also highlights its status as nominated as one of the “the hottest brokers” and “the most popular brokers”in the popularity polls.