Forex Trading Library

Intraday Analysis – WTI crude Looks for $100

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WTI crude breaks major resistance
The WTI Crude Chart: Illustrating a break above major resistance levels as WTI crude aims for further gains.

WTI crude continues to push as it closes out the recent weekend gap. After moving back above 86.00, the commodity has its sights set on a new high above 88.00, which would pave the way for an extended recovery. As the RSI shot into the overbought area, the bulls could catch their breath, with the former resistance at 85.50 being fresh support. Further down, 84.00 would be an essential floor, with economists already looking to $100 before the quarter ends.

USDCHF breaking higher
USDCAD Chart: Reflecting a decline from recent peak levels as the Canadian dollar holds firm.

The US dollar is attempting another higher high after falling from the 0.9100 level. Price action has consolidated after it dropped below the daily support of 0.9050. A limited rebound saw stiff selling pressure at 0.8990, which made it a major support in the short term. A close above 0.9070 can move the dollar to another yearly high, opening the door to another rally.

USDCAD falling from peak

USDCHF Chart: Showing a breakout higher as the US dollar attempts another rally.

The Canadian dollar held against its US counterpart as the BoC looks to hold rates at 5%. On the chart, the pair rapidly fell from its recent peak at 1.3640 as the effects of the substantial NFP number faded. 1.3596 is a crucial floor from the latest rebound, and its breach would trigger a bearish continuation. 1.3600 is the first resistance to clear before a rebound can materialise.


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