Cable (GBPUSD) tests key resistance
Cable (GBPUSD) paused the recent rally as price action consolidated at the 1.2900 area. On the chart, the pair is testing multi-month highs dating back to last November. The previous swing high of 1.2925 is a key level for bulls to target should another push to the upside ensue. A bearish breakout could trigger a new sell-off to the critical floor at 1.2700, as the RSI hits another overbought area, but will first need a confirmation below 1.2820.
USDCHF swinging lower
The US dollar prepares for another wave lower as the markets panic over more potential tariffs. Selling pressure had eased after the pair tentatively halted at the 0.8800 level. However, the buy side remains in the game as a recent bounce saw the RSI emerge with a slight bullish divergence. 0.8850 becomes the first target, with 0.8920 at the previous swing high being a firm resistance.
USOIL looking for support
WTI crude struggles after another inventory build and OPEC’s plans to increase output. Price action is attempting a recovery following the majority of this year’s sell-off. The double spike towards the 65.00 region is a reminder that sentiment is still cautious. 66.00 is the first support, and 65.20 is the Bulls’ last line of defence. A close above 67.00 could send prices higher towards 68.65, which has capped the commodity’s multiple bounces.