Intraday analysis covering USDCHF finds support, EURGBP, and XAUUSD, highlighting recent price movements, key technical levels, and short-term momentum shifts across major markets.
USDCHF finds support
The US dollar continues its recovery against the franc as prices bounce back after the weekend gap.
- Having seemingly bottomed out near the lower-0.7900 area, the pair has started to recover some lost ground.
- 0.7900 is the latest support, and a bullish rally is an encouraging sign which could attract traders who don’t want to miss the rebound.
- After clearing the 0.7980 level, 0.8030 will be the next hurdle, where a subsequent breakout would lead to a runaway rally.
EURGBP remains indecisive
The pound’s sustained hold has seen another support test as price action remains choppy.
- Bulls have been trying to hold against the bears’ repeated attempts to push below 0.8625.
- A breakout would expose the psychological level of 0.8600.
- On the flip side, 0.8650 is a major resistance, and if this is broken, more buyers could step in with 0.8680 being the next target.
XAUUSD creeping higher
Gold continues to be bolstered as the yellow metal moves higher with positive news on a potential peace deal.
- A move above the 4400 area will dent the bearish mood, prompting sellers to trim their exposure in fear of a continuation.
- Buyers will need to be cautious, as a bearish RSI divergence could suggest that another fresh high towards 4560 could be difficult to reach.
- A drop below 4240 would renew the selling pressure and could send prices towards the recent bottom towards 4000.
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