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USDCHF tests July’s eight-year low Sellers might stay in power, but not for long Core PCE inflation due at 13:30 GMT It was another bearish week for USDCHF, with the price fully retracing its July-September upleg to reach July’s eight-year low of 0.8551. There is potential for an upside reversal around the 2023 floor of […]

The post USDCHF Hits 2023 Floor appeared first on Action Forex.

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09/01/2024

EURUSD Flirts With 20-day SMA

EURUSD rebounds off 1.0875 50- and 200-SMAs post golden cross Price is still well above uptrend line EURUSD is rising somewhat after the pullback off the 1.0875 support level and has been battling with the 20-day simple moving average (SMA) over the last four sessions. It is worth mentioning that the 50- and the 200-day […]
10/05/2024

British Pound Listless Despite Strong GDP

The British pound is drifting on Friday. GBP/USD is up 0.05%, trading at 1.2531 in the European session at the time of writing. UK GDP rises 0.6% The British economy grew by 0.6% q/q in the first quarter, higher than the market estimate of 0.4% and above the Q4 2023 decline of 0.3%. This marks […]
05/01/2024

Technical Outlook and Review

DXY: The DXY (US Dollar Index) chart currently has a bearish overall momentum, indicating weakness in the US Dollar. Price could potentially continue its bearish movement towards the 1st support level. The 1st support at 101.77 is categorized as a pullback support and is associated with the 38.20% Fibonacci Retracement level. This level may act […]