USDCHF daily analysis USDCHF (1.0069): USDCHF posted a strong reversal off the 1.0061 – 1.0014 support level and could see a near-term move to the upside. Expect USDCHF to continue making a minor correction to the upside towards 1.0231 – 1.0166 region where a potential reversal could take place thus forming the right shoulder of this evolving head and shoulders pattern. This could potentially mark the start of a correction lower towards 0.9850. However, failure to post a lower high near 1.0231 – 1.0166 could see USDCHF rally back towards 1.0290 which will be the line in the sand. A breakout above 1.0290 will invalidate the bearish bias and put USDCHF on the path to further gains. NZDUSD intra-day analysis NZDUSD (0.7149): NZDUSD gave up some of the gains after hitting a top near 0.7200. Price action remains biased to the upside with the bullish flag intact. The recent declines have sent NZDUSD back to test the top resistance of the bullish flag pattern near $0.7135. As long as this previously marked resistance which is now being tested for support holds out, NZDUSD is poised to th upside with the eventual target towards $0.7231. Currently, the bias is to the upside after the bullish close on the 4-hour session following the doji pattern. XAUUSD intra-day analysis XAUUSD (1202.21): Gold prices were bearish yesterday forming an inside bar just after closing above the key price level of $1200.00. With the daily chart showing a hidden bearish divergence, gold prices are likely to post a short-term correction to the downside, subject to breaking down below the 1200 support level that is being tested currently. On the 4-hour chart, price action is showing signs of exhaustion at the current level, but the Stochastics oscillator is showing signs of a near-term consolidation in gold prices. Therefore, expect gold to remain trading sideways within $1207.50 – 1195 before the range is broken. The bias remains to the downside, for a test towards $1181.50 and eventually to the next support at $1161.00. John Benjamin John Benjamin John is a market analyst for Orbex Ltd. and is a forex and equities trader having been involved in trading since late 2009. John makes use of a mix of technical and fundamental analysis and inter-market relationships. The analysis present here is a mix of intra-day analysis while considering the long term outlook of the markets as well. For any comments or questions, John can be reached at [email protected] View All Post By John Benjamin Daily Look share Read Next Elliott Wave Intraday Analysis: German Dax and NZDUSD Gregor Horvat 6 years USDCHF daily analysis USDCHF (1.0069): USDCHF posted a strong reversal off the 1.0061 - 1.0014 support level and could see a near-term move to the upside. Expect USDCHF to continue making a minor correction to the upside towards 1.0231 - 1.0166 region where a potential reversal could take place thus forming the right shoulder of this evolving head and shoulders pattern. This could potentially mark the start of a correction lower towards 0.9850. However, failure to post a lower high near 1.0231 - 1.0166 could see USDCHF rally back towards 1.0290 which will be the line in the sand. A… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
