USD sees some support

Jing Ren Orbex

USD/CHF attempts to bounce back

The Swiss franc weakened after the Q3 GDP fell short of expectations. A tentative break below last August’s low of 0.9380 further put the bulls on the defensive. Multiple tests at this level show strong interest in keeping the greenback steady. The recent high at 0.9600 is a key resistance which coincides with the 20-day moving average, making it a congestion area. A bullish breakout would send the pair to 0.9750. 0.9460 is a fresh support and the price could be vulnerable to a new round of sell-off if it falls through 0.9380.

USD/CAD breaks resistance

The Canadian dollar tumbled over a deceleration in the Q3 GDP. A series of higher lows had already shown growing buying pressure. A break above 1.3570, a support-turned-resistance from a sell-off earlier this month may help the pair regain traction and extend to November’s peak of 1.3800. A close above this hurdle could pave the way for a bullish continuation above 1.4000. 1.3500 has become a fresh support in case the momentum fades. 1.3400 is the bulls’ second line of defence in case of a deeper correction.

XAU/USD consolidates gains

Gold struggles as the US dollar bounces due to repositioning ahead of the job report. The price has been consolidating above the previous double top formed by September’s and October’s highs near 1725, which sits over the 20-day moving average. Sentiment has turned upbeat following the breakout and a bullish MA cross on the daily chart. 1767 is the closest resistance and its breach would extend the rally to August’s peak at 1805. A drop below 1725, however, could trigger a liquidation below the psychological level of 1700.

Author

Jing Ren

Orbex

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.

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