The euro needs to make a decisive break above the 1.1750 intermediate resistance in order to regain the 1.1800 barrier
EURUSD turned marginally higher in recent trading after touching fresh lows just above the 1.1700 figure. If this support zone fails to withstand the downside pressure that persists despite the local bounce, the common currency would refresh 2021 lows and could see deeper losses in the coming days. On the upside, the pair needs to make a decisive break above the 1.1750 intermediate resistance in order to regain the 1.1800 barrier. In a wider picture, the 1.1900 level continues to act as a key hurdle for euro bulls. On the four-hour timeframes, the pair was last seen flirting with the 20-SMA, a decisive break above which would pave the way towards a more sustained and robust recovery.
GBPUSD derived support from the 1.3800 figure earlier in the day to stage a local bounce as dollar demand has eased somehow after climbing to fresh multi-week highs. The cable now faces the immediate barrier at 1.3870. A break above this area would pave the way towards 1.3900, followed by the 100-DMA that arrives at 1.3920. This moving average represents the key barrier for sterling bulls at this stage. As long as the prices stay below this level, the upside risks are limited. On the hourly timeframes, the pound jumped to the 100-SMA in recent trading, adding to a more upbeat near-term technical picture. In a wider perspective, GBPUSD remains confined to a relatively tight trading range on the weekly charts.
Gold prices extend the recovery from lows seen around $1,673 at the start of the week. On Wednesday, the yellow metal notched intraday highs in the $,1747 area and now needs to break above the $1,750 intermediate resistance in order to extend the bounce and reach the $1,800 figure where the key moving averages arrive. On the downside, the bullion could derive support from the $1,700 area if the selling pressure reemerges any time soon. In the short term, it looks like the precious metal could extend the recovery as the dollar retreats following the recent rally. On the weekly timeframes, the technical picture has improved somehow as the prices regained the ascending 100-SMA that arrives at $1,737 today.
USDCHF has been rallying for the sixth day in a row on Wednesday as dollar demand has been persisting these days. During the European hours, the pair climbed to the 0.9240 area last seen more than one month ago. The daily RSI is pointing north but is yet to enter the overbought territory, suggesting there is some room for further gains in the short term. If the buying pressure persists, USDCHF could target April highs around 0.9270. However, on shorter-term timeframes, there are some signs of waning upside momentum, with the RSI is correcting from the overbought territory both on the hourly and 4-hour charts. If the retreat continues anytime soon, the dollar could get back under the 0.9200 figure. USDCHF was last seen changing hands around 0.9220, nearly unchanged for the day.