The Gold (XAUUSD) tests demand zone
The Gold (XAUUSD) corrected after reaching oversold levels as prices ventured towards $3400. An initial bounce is a sign of profit-taking by short-term sellers in the mid-3350 area, which could ease the downward pressure. 3375 is the closest resistance before bouncing back to fresh highs. On the flip side, a break of 3300 could renew selling interests to test another multi-week low.
USDCHF sell-off continues
The Swiss franc kept the pressure on as prices slid towards the 0.8100 level. With the RSI also falling away from the overbought zone, a sense of an extended oversold market is becoming more visible on the chart. The latest downturn suggests growing interest from the sell side, and bulls will need to move into the mid-0.8200 range before a meaningful recovery can happen.
AUDUSD bouncing back
The Australian dollar attempts to hold its ground after falling through the 0.6500 level. The pair is struggling to reach above 0.6540, which coincides with the latest spike on the upside. There have been further buyers attracting more buyers as the RSI climbs down from the overbought area. However, they will need to move past the immediate resistance of 0.6520 before further upside momentum can continue. On the downside, a bearish reversal would lead prices below 0.6430.
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