Intraday analysis covering USDCHF, USDCAD, and USOIL hitting a lower low, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
USDCHF ticks lower
The US dollar is attempting to find support after sharply falling from the 0.7900 level. Price action is beginning a short consolidation after moving towards a fresh low, which could keep the pair pressured.
- A limited rebound could prompt buyers to enter the market, making 0.7770 a major support level.
- A close above 0.7840 could push the dollar to a fresh peak, opening the door to another rally.
USDCAD remains flat
The Canadian dollar holds its ground against the US dollar amid a lengthy consolidation. On the chart, the pair previously fell rapidly from the peak at 1.3700.
- 1.3600 is a key floor from the latest bounce, and its breach would trigger a bearish continuation.
- 1.3660 is the first resistance to clear before a rebound can materialise.
USOIL hitting a lower low
WTI crude continues to push lower, with price action remaining bearish. After moving back below 95.00, the commodity now has its sights set on a new low towards 88.60, which would pave the way to an extension.
- As the RSI shot into the oversold area, sellers can catch their breath.
- 0.8860 is a fresh support, and 87.20 would be a key floor as traders look for a resurgence in the black gold.
- 100.00 is a key target to see if another rally will ensue.
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