Our intraday forex analysis includes USDCHF analysis, USDCAD, and UK 100, highlighting key support and resistance levels for each pair.
USDCHF spikes lower
Our USDCHF analysis shows The Swiss franc remained on the front foot even though the dollar previously bounced back slightly. On the chart, a close below 0.8000 and a bearish RSI divergence suggested sentiment could be turning around.
- The latest upward move stalled at 0.8020, prompting a bounce lower, with 0.7920 the next target.
- A break there would pave the way for an extended rally towards 0.7950.
USDCAD turning around
Prices remain in a choppy consolidation, finding resistance at the mid-1.39 region.
- The pair is looking for a higher wave, as impulse buying has pushed it towards 1.3950.
- Additionally, the recent move into the neutral area of the RSI has bolstered bullish sentiment.
- A decisive break below 1.3865 would trigger a runaway rally and extend the near-term downtrend towards 1.3770.
UK 100 breaking higher
The FTSE edges higher as traders look at a potential ceasefire in the Middle East. The index looks to continue the recent trend as prices search for a break above 10470. A correction could take shape if there is a shift in fundamental sentiment.
- The RSI’s overbought condition has attracted some sellers, which could dampen a meaningful recovery.
- A fall below 10300 could prompt bulls to bail out, triggering a liquidation towards the daily support at 10000.
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