USD/CHF seeks support
The US dollar goes sideways, following a slight improvement in last week’s initial jobless claims.
The rally has resumed after a breakout above 0.9230, the top range of the previous consolidation. Price action is rising along the moving averages as a sign of acceleration in the bullish momentum. 0.9310 is the next target.
The RSI has made its way back to the neutral area. Trend followers are likely to offer support as the price pulls back. 0.9200, the base of the rally is the first line of defense.
XAU/USD struggles to bounce
Gold treads water ahead of US nonfarm payrolls.
Indeed, the precious metal is striving to hold onto the key support at 1756, from the daily timeframe. Early buyers are getting in the game and challenging the immediate resistance at 1785.
The RSI is still in the neutrality zone. 1795 is a major hurdle and the bulls will need to lift these offers before they could expect a meaningful rebound. Then, 1824 would be the next target.
A fall below 1756 would lead to 1740 on the rising trendline on the daily chart.
NAS 100 holds onto record high
The Nasdaq 100 climbs as investors rotate back into tech stocks.
The rally has gained traction after it broke above April’s peak at 14070. Momentum has pushed the index well above the rising trendline established in late May.
An RSI divergence suggests a deceleration in the impetus. While sentiment remains bullish, short-term bears may play mean reversion and push the price back to the trendline.
14490 is the closest support. Its breach could trigger profit-taking towards 14400.
14610 acts as a temporary resistance.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AUD/USD recovers to near 0.6450, shrugs off mixed Australian jobs data
AUD/USD is rebounding to near 0.6450 amid renewed US Dollar weakness in the Asian session on Thursday. The pair reverses mixed Australian employment data-led minor losses, as risk sentiment recovers.
USD/JPY bounces back toward 154.50 amid risk-recovery
USD/JPY bounces back toward 154.50 in Asian trading on Thursday, having tested 154.00 on the latest US Dollar pullback and Japan's FX intervention risks. A recovery in risk appetite is aiding the rebound in the pair.
Gold rebounds on market caution, aims to reach $2,400
Gold price recovers its recent losses, trading around $2,370 per troy ounce during the Asian session on Thursday. The safe-haven yellow metal gains ground as traders exercise caution amidst heightened geopolitical tensions in the Middle East.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price was not spared from the broader market crash instigated by a weakness in the Bitcoin market. While analysts call a bottoming out in the BTC price, the Web3 modular ecosystem token could suffer further impact.
Investors hunkering down
Amidst a relentless cautionary deluge of commentary from global financial leaders gathered at the International Monetary Fund and World Bank Spring meetings in Washington, investors appear to be taking a hiatus after witnessing significant market movements in recent weeks.