The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
The market remains caught between hope and doubt. Reports of talks can move prices quickly, yet the details remain uncertain and are often disputed. That leaves oil traders trying to assess developments in real time.
The crypto market experienced another broad advance this past week, with gains spread across most large assets even as the pace varied sharply.
That is the uncomfortable reality for this market right now. It is not simply a question of charts or interest rates. The EUR/USD currency pair is caught between an energy story that could become much more serious for Europe and a U.S. dollar.
Dollar strength, oil-market risk and major technical levels are shaping the backdrop for currencies, commodities, equities and crypto markets.
Major markets are showing mixed price action as interest rates, industrial demand, risk appetite and technical levels shape the current market landscape.
The important point is that gold has been able to rally despite elevated interest rates in the United States. Normally, that environment can work against gold, as higher yields raise the opportunity cost of holding an asset that does not offer income.
This currency pair continued its recent side in early trade on Friday, pressured by dollar strength driven by soaring Treasury yields and increasing bets of further interest rate hikes.
CAD/CHF remains bullish above key 0.58 support, with 0.59 the next major target. The Canada-Swiss rate differential continues to favor the longer-term upside.
AUD/CHF remains supported near 0.58 after the SNB held rates at 0%. A break above 0.5850 could target 0.5900, while 0.58 remains the key support level.
EUR/JPY remains bullish after reclaiming 180. The current buy setup targets 183 with a stop at 179.40, while a break above 182 would strengthen the bullish outlook.
USD/CHF remains bullish while holding above 0.82 support. The wide US-Swiss rate differential favors further upside, while 0.81 is the next key support area.
Copper remains bullish while holding below key $6.90 resistance. A confirmed breakout could target $7, while $6.50 remains an important pullback support area.
AUD/JPY remains supported above 110 after rebounding from recent lows. Improving risk appetite and the Australia-Japan rate gap continue to favor buying on dips.
A rejection at a round number is common, but a rejection followed by a quick drop is more than hesitation. It shows sellers were waiting at the level and had enough force to push price well below it once the buying stalled.
This currency pair has experienced a rather tame trading range regarding price levels, but Tuesday’s close and yesterday’s gap upwards presents dynamics for speculators they might find appealing.
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