USDCHF retests support
The US dollar struggles as the Fed minutes confirms a slower pace in its interest rate increases. Last April’s low of 0.9200 has offered some support and the surge above 0.9340 prompted sellers to trim their exposure.
Follow-up bids above the fresh resistance 0.9400 will be needed to keep the momentum going and cement a reversal. The current pullback may attract bargain hunters, but a failure to contain it above 0.9200 would signal weakness, opening the door to a bearish drift in the weeks to come.
XAUUSD to test resistance
Gold stays high amid the US dollar’s softness across the board. On the daily chart, the precious metal has found solid demand along the 20-day moving average and is on its way to last June’s peak at 1880. A bullish breakout would lay the foundation for an extension to the support-turned-resistance of 1940 from last April’s sell-off. On the hourly time frame, an overbought RSI may cause a limited pullback, but the bullish drive would remain intact as long as the price is above 1840. 1815 on the MA would be another support.
USOIL struggles for support
WTI crude falters over fears of a forced recession by central banks across the globe. The price hit resistance at last month’s swing high (82.00), suggesting that the pessimism still prevails. A combination of profit-taking and renewed selling has driven the commodity below 78.00 and 74.00, exacerbating the liquidation. The psychological level of 70.00 is the last level to gauge buying interest, and its breach may cause a bear market. 76.40 is the first hurdle and only a bounce above 79.90 may shore up confidence.
