Intraday Market Analysis – USD Struggles For Support

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USDCHF breaks support

USDCHF

The U.S. dollar is falling as traders profit ahead of Wednesday’s FOMC minutes.

The break above the daily resistance at 0.9230 led to an overstretch. The RSI divergence at the supply area near 0.9260 was a warning that a recovery could take place.

The confirmation came in the form of a fall below 0.9190. The sale then gained momentum after 0.9140 failed to secure bids.

0.9160 now there is fresh resistance. The base of the previous escape at 0.9080 would be the next goal.

USDNOK is waiting for an explosion

USDNOK

The Norwegian krone weakens as oil prices struggle amid demanding uncertainty.

The pair is in heat consolidation on the daily chart after accumulating above last December’s high at 8.9000. The narrow territory is a sign of hesitation and a break would dictate the direction for the days to come.

8,700 close to the 30-day moving average is the closest support. Close above 8.8600 can challenge the key resistance at 8.9150, and a bullish outbreak would confirm the continuation of the upward trend.

UK100 bounces support

UK100

Commodity stocks dragged the FTSE 100 index after weak economic data from China.

The rise above the June peak at 7215 was a sign of the long side’s commitment. However a withdrawal is needed to keep the rally sustainable.

The fall below 7175 suggests that buyers benefited when the RSI showed an overbought situation. While the RSI returns to neutrality, between 7095 and 7120 lies the demand zone, which coincides with the 20-day moving average.

Pause up 7205 may resume the high trend.

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