The following are the most recent pieces of Forex technical analysis from around the world. The Forex technical analysis below covers the various currencies on the market and the most recent trends, technical indicators, as well as resistance and support levels.
USD/CHF remains choppy around 0.83, but Chris maintains a longer-term bullish outlook due to the favorable carry trade and persistent Swiss franc weakness.
EUR/USD has bounced as French yields eased, but we remain firmly bearish amid French debt concerns and elevated US yields.
USD/CAD is struggling to break above the key 1.4250 resistance level, with consecutive shooting-star formations suggesting the recent rally is losing momentum.
GBP/USD is showing signs of a rebound from the bottom of its established trading range as buyers return and momentum turns from oversold levels.
AUD/USD remains range-bound but supported by a hawkish RBA, strong commodity markets and improving momentum.
The USD/JPY trend is publicly being confronted by the Bank of Japan – and sometimes the U.S Treasury/Fed – and those who want to pursue what appears to be a consistently rising tide, must also acknowledge the tide reverses quickly.
Bitcoin remains supported by bullish momentum after breaking above $82,500 and retesting the level as support.
Gold remains supported within the $4,000–$4,200 demand zone, but elevated interest rates are preventing buyers from regaining momentum.
AUD/USD has rebounded from 0.6900, but technical indicators suggest the rally is losing strength. The pair could retreat toward 0.6900, while a break above 0.7020 would invalidate the bearish outlook.
GBP/USD remains in a broader downtrend, with the pair trading close to crucial support at 1.3172. A decisive break below this level could trigger further downside toward 1.3000, with FOMC minutes and comments from BoE Governor Andrew Bailey in focus.
Bitcoin: Is the Bullish Breakout Losing Momentum?
EUR/USD may stage a short-term rebound toward 1.1352 after forming a hammer candle near recent lows. However, the broader trend remains bearish amid European debt concerns and weak technical indicators.
Current conditions remain stubborn regarding USD centric strength via the solid buying of the USD/ZAR. However, in trading the past handful of hours a reflexive reversal lower has developed.
USD/CHF remains supported by the large interest rate differential between the US and Switzerland, with the franc continuing to serve as a carry-trade funding currency.
EUR/JPY is attempting to stabilize within the ¥175–¥178 demand zone as buyers look for value, although French debt concerns continue to weigh on the euro. A break above ¥178 could support a move toward ¥181, while a fall below ¥175 would significantly weaken the outlook.
