USDCHF finds support
The US dollar continues its recovery against the franc as prices bounced away from the recent floor. Having seemingly bottomed out near the mid-0.8100 area, the pair started to recover some lost ground. 0.8150 is the latest support, and a bullish rally is an encouraging sign that could attract traders who don’t want to miss the rebound. After clearing the 0.8200 level, 0.8280 is the next hurdle where a subsequent breakout would lead to a runaway rally.
EURGBP remains indecisive
The pound’s sustained hold has seen another support test as price action remains choppy. Bulls have been trying to hold against the Bears’ repeated attempts to push below 0.8400. A breakout would expose May’s lows around 0.8350. On the flip side, 0.8440 is a major ceiling where the recent false spike to the upside can be tested. If this is broken, more buyers could step in, with 0.8500 being the next target.
XAUUSD tests support
Gold has fallen from its recent high as traders await numerous global news reports, and tensions remain heightened. The recent gold price movement shows a retreat toward daily support, and a fall below 3340 will dent the bullish mood, prompting buyers to trim their exposure in fear of a deeper pullback. A bearish RSI divergence combined with a faded rebound suggests that another fresh high is out of the question. A drop below 3300 would renew the selling pressure. Any chance of a rebound needs a 3375 break before 3400 can be tested.
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