Forex Marketz Daily Forex News – Fully Markets Update
USD/CHF (0.90641)
The USD/CHF is consolidating below 0.91. Since falling below this critical level, the dollar has been digesting what to do next. Looking at the RSI moving negative, there is a chance the dollar could lose ground soon.
A close below 0.9055 will open the doors for 0.9020 to 0.9018 cluster zone. Should the USD/CHF move higher, a break above 0.91 tests 0.9110. A break of the latter resistance level opens the gates to test 0.9190.
GBP/USD (1.66893)
The GBP/USD has formed a hammer and a possible bottom. We are waiting on confirmation but we could see a bit of a recovery for the Pound coming up. We are also noting RSI creeping to positive territory.
Short term resistance is near 1.6740, a break there confirms a bottom with a hammer formation. If we break that level with a daily close, we can move towards 1.6779/1.6780. A move lower targets 1.6680 then 1.6675. A break of the latter level tests 1.6630 then 1.66225.
EUR/USD (1.33663)
Overall the pair remains bearish while below 1.40 but we are consolidating a bit around 1.3330 now. As long as 1.3445 remains intact, there is a danger of more losses towards 1.3210.
A move above 1.3445 indicates a bottom in place and will bring a test of 1.35 then 1.3501/02 resistance zone.
