(Gold)XAUUSD testing $3400
(Gold)XAUUSD remains bullish as an uptick in sentiment has led buyers to persist in pushing the yellow metal higher. A bounce above 3350 has prompted some sellers to cover, easing the downward pressure after a slight rejection. The direction remains skewed to the downside from the daily chart’s perspective, and the current rebound could attract the bulls’ attention. 3390 is the next obstacle to clear for a potential pop above 3400. On the downside, 3365 serves as a fresh support level to maintain the current momentum.
USDCHF struggles to stay afloat
The US dollar attempts to stabilise after the recent choppy market conditions saw prices dip to the 0.8000 level. An oversold RSI on the daily chart was a major sign of exhaustion, causing a snapback as sellers adjusted their portfolios. Trend followers are likely to wait to sell into strength, and 0.8100 would be the first area to look for resistance. 0.8040 is the closest support to see if price action will test the recent bottom at 0.8000 again.
EURGBP tests key support
The Euro hits a double bottom after moving over 150 pips since the start of the month. After a brief hesitation, a convincing resistance zone around 0.8670 has caused the bulls to pull back from their rally and is now a key hurdle, as its breach could help the bulls take control of the short-term direction. 0.8620 and then 0.8580 at the start of the latest breakout are the first supports in case of a retracement.
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