USDCHF looks for a lift
The US dollar attempts to claw back more losses after gaining over 100 pips. A drift above 0.9770 accelerated the greenback’s upswing as price action bounced towards 0.7800. A breakout above this round number will trigger renewed buying interest and open the door to 0.7900. At this level, it would be intriguing to see whether buyers would continue. Resistance at 0.7800 could begin a reversal to test the recent bottom at 0.7620.
XAUUSD recoups losses
Gold (Bullion) remains bullish amid geopolitical turmoil and a weakening US dollar. The price continues to rise after clearing resistance near the previous zone around 4800, as sentiment remains broadly upbeat. 5000 is the next hurdle before the precious metal can reach the next target at 5140. However, a limited pullback cannot be excluded to let the rally take a breather. 4650 would be the first support in that case.
USOIL stuck sideways
Oil maintains its bearish stance after the recent sell-off. Sellers have clawed back most of the losses from last week’s bullish rally, as prices are now at a crossroads. A close back above 63.00 would prompt more sellers to close their positions, easing pressure and potentially leading to an extension at 66.20. Failing that, 61.00 is the immediate level to expect follow-up bids and 59.00 would be an important level to avoid a dramatic sell-off.
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