Intraday analysis covering USDCHF spikes up, GBPUSD , and USOIL, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
USDCHF spikes up
The US dollar continues its bull run as prices head towards the next resistance level. The pair was in a precarious situation with tentative breaks lower, which could have begun a bearish rally.
- 0.7920 becomes the next target, and only a clean cut above this level would add a building block to a fresh high.
- Momentum selling could take over and send the greenback to the previous swing low below 0.7840.
- 0.7800 is a critical floor if sentiment shifts and the price drops.
GBPUSD tests key support
The pound slipped after the greenback gained the upper hand in the pair. On the chart, the price was attempting to consolidate gains, suggesting that the bias could turn bullish after the recent spike higher.
- However, a close below 1.3350 could flush out the remaining bulls and pave the way for a breakout rally below 1.3300.
- The RSI’s oversold condition could temporarily limit the downside, with 1.3500 the target for buyers.
- 1.3570 is a firm top if traders can turn things around.
USOIL attempts to rebound
WTI crude continues its choppy move higher, pressured by lingering geopolitical tensions.
- From the chart’s perspective, the current move is yet to stabilise with a decisive break above 102.00 indicating ongoing uncertainty.
- 100.00 is the first support as the RSI move into the overbought area.
- Bulls must clear 105.00 at the top of the previous peak before a sustained recovery can materialise
- The commodity could be vulnerable to another sell-off if whispers of a potential deal are on the horizon.
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