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Intraday Analysis: USD Bullish, WTI Crude Price Recovery

Daily analysis 12.02.2024 : USDCHF, USDCAD, USOIL

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USOIL looks to recover
WTI Crude price chart displaying recovery from $72.00 support, facing resistance at $77.60

WTI crude price edging higher over smaller than expected US inventories. A bounce off the daily demand zone around 72.00 indicated that sentiment has stabilised for now. With a V-shaped recovery on the chart, prices must break the psychological barrier 77.00. Then clearing the immediate resistance of 77.60 will further ease the downward pressure in the medium-term and could help bulls regain confidence. 79.10 is the next resistance and is a significant barrier to lift to turn the market mood around.

USDCHF breaks previous resistance
USDCHF chart showing breakout above previous resistance at 0.8710

The US dollar remains supported as interest rates will stay higher for longer. The confirmed break above the previous high of 0.8710 removed some selling pressure. If the pullback is contained above 0.8740, bulls could see it as a floor and start to push higher. 0.8800 is a fresh resistance, and a close above 0.8860 would extend gains to October’s high towards 0.9200. The recent swing low of 0.8550 is a critical support.

USDCAD choppy progression
USDCAD chart indicating choppy progression with bounce near 1.3350

The Canadian dollar softens as sentiment follows the greenback. The US dollar’s bounce near 1.3350 on the chart has kept prices in a steady bullish channel. An attempt above the previous high of 1.3540 prompted some sellers to cover their positions. As the pair fell back in search of follow-up bids, a small consolidation emerged at the mid-1.34 level. A rally above 1.3500 would open the first daily resistance at 1.3520 with 1.3575 in sight.

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