Crude oil (WTI)under pressure
Crude oil (WTI)fell lower AS OPEC announced a tentative agreement to begin increasing production. A bounce away from the 70.00 zone indicated that sentiment remains subdued. With prices hitting lower lows, a hold at 68.00 is needed to stop further multi-month lows. A clearing at the immediate resistance of 68.60 will ease the downward pressure in the short term and could help bulls regain a bit of confidence. 69.50 is the next resistance and is a significant barrier to lift to turn the market mood around.
USDCHF hitting lower lows
The US dollar remained under pressure after hitting a fresh lower at the lower 0.8900 region. Although the recent rally above 0.9000 gave some hope for a lift, sellers were keen to show their presence as price action hovers at the mid-0.8950 area. 0.9000 now becomes a fresh resistance, and a close above 0.9030 at the previous swing high could extend gains towards 0.9150. The recent swing low of 0.8920 is a critical support.
USDCAD pushing for a peak
The Canadian dollar softens as sentiment follows the greenback. On the chart, the US dollar’s bounce near 1.4350 has kept prices in a steady bullish channel. An attempt above the psychological level of 1.4500 has prompted some sellers to cover their positions. If the pair falls back in search of follow-up bids, a small consolidation could emerge at the 1.4400 level. A rally back above 1.4500 would open the path to the first daily resistance at 1.4580 with 1.4740 in sight.