Our intraday forex analysis covers USDCHF, AUDUSD, and UK 100 Downtrend, focusing on key support and resistance levels and potential market direction.
USDCHF falling lower
The US dollar saw a shift in fortunes as prices crashed amid the continued Middle Eastern conflict.
- After grinding the upper channel top at 0.7930, the greenback is now testing support at 0.7870.
- A break above 0.7900 could begin a turnaround if buyers reenter the market.
- A drop through the said support could then test the previous swing low at 0.7835.
AUDUSD closing the gap
The Australian dollar is looking to cover the weekend gap as price action moves over 60 pips higher. In the near term, as the RSI moves towards overbought territory, prices could slow.
- 0.7000 has become support, and a drop towards the 0.6930 area could see more bears selling into strength.
- The pair looks poised to break the previous high, opening the door to a move above 0.7100.
UK 100 continues downtrend
UK 100 downtrend shows The FTSE remains upbeat as it grinds along the current support at 10500, a sign that bulls are still eager to stay in the market.
- Even though prices are in a downtrend, a break above 10700 could mean another short rally.
- 10700 is a key level to keep the bounce intact, as its breach could trigger an extension towards 10800.
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