XAGUSD spikes higher
The metal market continues to rally after silver (XAGUSD) pushed to another high.
- The precious metal has recouped losses from the recent pullback.
- 63.00 is a major ceiling ahead, and its breach would force the remaining sellers out and signal a bullish continuation.
- However, a bearish RSI divergence could hold back the buy side, at least momentarily, with fresh selling and profit-taking driving prices lower.
- 60.00 is the first support should this happen, with 58.50 a second target.
USDCHF pushes lower
The US dollar corrected as the Fed gave more signals regarding its next rate cut.
- The franc made gains as prices tested the 0.8300 level.
- However, a bounce above the next target at 0.8370 will shake off weak hands, suggesting that bulls have the last word.
- On the downside, a close below 0.8300 would signal strong willingness to dent the dollar’s recovery.
- 0.8240 will be the next support lower.
EURGBP hoping for support
The euro jumped back into action as prices look for support at the mid-0.8400 area.
- The pair is attempting to push back above 0.8500, suggesting bulls have not capitulated yet.
- A break above the said target will be an encouraging sign, throwing off more selling interest and possibly paving the way for an extension towards 0.8560.
- However, any signs of another dip past 0.8450 could see a fresh bid to break recent lows and send the pair towards 0.8400.
Trading the forex market requires extensive research, and that’s what we do best
