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EUR/USD Might Drop, USD/CHF Gains Bullish Momentum EUR/USD is slowly moving lower below 1.0750. USD/CHF is rising and might accelerate further higher above 0.9720 resistance zone. Important Takeaways for EUR/USD and USD/CHF The Euro failed to gain pace for a move above the 1.0780 resistance zone against the US Dollar. There is a major bearish trend line forming with resistance near 1.0720 on the hourly chart of EUR/USD. USD/CHF gained pace and was able to clear the 0.9700 resistance zone. There is a key bullish trend line forming with support near 0.9730 on the hourly chart. EUR/USD Technical Analysis The Euro gained pace above the 1.0700 resistance zone against the US Dollar. The EUR/USD pair climbed above the 1.0720 resistance zone to move into a bullish zone. The pair attempted a clear move above the 1.0750 resistance, but the bears remained active. The recent high was formed near 1.0751 before the pair started a fresh decline. The price declined below the 1.0700 level and traded as low as 1.0651 on FXOpen. EUR/USD Hourly Chart There was a recovery wave above the 1.0680 level. It cleared the 50% Fib retracement level of the recent decline from the 1.0751 swing high to 1.0651 low. However, the pair faced sellers near the 1.0710 level and the 50 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near 1.0720 on the hourly chart of EUR/USD. The 61.8% Fib retracement level of the recent decline from the 1.0751 swing high to 1.0651 low is also acting as a resistance. The next major resistance is near the 1.0750 level. A clear move above the 1.0750 resistance zone could set the pace for a larger increase towards 1.0850. The next major resistance is near the 1.0920 zone. On the downside, an immediate support is near the 1.0650 level. The next major support is near the 1.0620 level. A downside break below the 1.0620 support could start another decline. Read Full on FXOpen Company Blog...

BTCUSD and XRPUSD Technical Analysis – 07th JUNE 2022 BTCUSD: Bearish Doji Star Pattern Below $31,750 Bitcoin was not able to sustain its bullish momentum this week and after touching a high of 31,730 on 06th June, started to decline against the US dollar. Bitcoin entered into a bearish trend channel below the $31,750 handle and continues to decline touching a low of 29,217 in the European trading session today. We can see a weak demand for bitcoin in the medium-term range, and the prices are expected to fall further towards the $25,000 level. We can clearly see a bearish doji star pattern below the $31,750 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend. Both the Stoch and Williams percent range are indicating an overbought level which means that in the immediate short term a decline in the prices is expected. The relative strength index is at 29 indicating a WEAK demand for Bitcoin at the current market levels. Bitcoin is now moving below its 100 hourly and 200 hourly simple MAs. All of the major technical Indicators are giving a STRONG SELL signal, which means that in the immediate short term we are expecting targets of 28,000 and 27,500. The average true range is indicating LESS market volatility with a strong bearish momentum. Bitcoin: bearish reversal seen below $31,750 The StochRSI is indicating an OVERSOLD level The price is now trading just below its pivot level of $29,643 All of the moving averages are giving a STRONG SELL market signal Bitcoin: Bearish Reversal Seen Below $31,750 Bitcoin continues to move into a consolidation channel above the $29,500 handle in the European trading session today. We can see the formation of a falling trend channel below the $30,000 handle and now we are looking at the projected levels of $28,000 and $25,000. The immediate short-term outlook for bitcoin is strongly bearish; the medium-term outlook has turned bearish; and the long-term outlook remains neutral under present market conditions. Bitcoin continues to consolidate above its important support level of $29,000 and further decline in its price is expected in the US trading session. The price of BTCUSD is now facing its classic support level of 29,361 and Fibonacci support level of 29,571 after which the path towards 28,000 will get cleared. In the last 24hrs, BTCUSD has declined by 5.64% with a price change of 17,71$ and has a 24hr trading volume of USD 35.441 billion. We can see an Increase of 31.14 % in the trading volume as compared to yesterday, which is due to selling by the medium-term investors. The Week Ahead The price of bitcoin is moving in a strongly bearish momentum, and the immediate targets are $28,000 and $27,500. The daily RSI is printing at 44 which means that the medium-range demand continues to be NEUTRAL. The price of bitcoin is moving in an uncertain range-bound movement between the $28,000 and $32,000 over the past few weeks. We will have to wait till a clear trend is visible in the medium-term range. The prices of BTCUSD will need to remain above the important support level of $29,000 this week. The weekly outlook is projected at $29,500 with a consolidation zone of $28,000. Technical Indicators: Moving averages convergence divergence (12,26): at -344 indicating a SELL The ultimate oscillator: at 44.88 indicating a SELL The rate of price change: at -5.92 indicating a SELL The commodity channel index (14 days): at -52.34 indicating a SELL Read Full on FXOpen Company Blog...

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GBP/USD and USD/CAD At Risk of More Losses GBP/USD started a fresh decline below the 1.2560 support. USD/CAD is also moving lower and might extend losses below the 1.2550 support. Important Takeaways for GBP/USD and USD/CAD The British Pound started a fresh decline from the 1.2655 resistance zone. There is a major bearish trend line forming with resistance near 1.2540 on the hourly chart of GBP/USD. USD/CAD also started a fresh increase from well below the 1.2800 zone. There is a key bearish trend line forming with resistance near 1.2610 on the hourly chart. GBP/USD Technical Analysis After struggling to clear the 1.2655 resistance zone, the British Pound found started a fresh decline against the US Dollar. GBP/USD traded below the 1.2550 support level to move into a bearish zone. The bears gained strength for a move below the 1.2500 level and the 50 hourly simple moving average. The pair even spiked below the 1.2480 level and traded as low as 1.2477 on FXOpen. The pair is now consolidating losses above the 1.2480 level. GBP/USD Hourly Chart An immediate resistance is near the 1.2505 level. It is near the 23.6% Fib retracement level of the downward move from the 1.2589 swing high to 1.2477 low. The next key resistance is near the 1.2535 level. It is near the 50% Fib retracement level of the downward move from the 1.2589 swing high to 1.2477 low. There is also a major bearish trend line forming with resistance near 1.2540 on the hourly chart of GBP/USD. If there is an upside break above the 1.2540 zone, the pair could rise towards 1.2600. The next key resistance could be 1.2655, above which the pair could gain strength. On the downside, an initial support is near the 1.2475 area. The first major support is near the 1.2450 level. If there is a break below 1.2450, the pair could extend its decline. The next key support is near the 1.2400 level. Any more losses might call for a test of the 1.2320 support. Read Full on FXOpen Company Blog...

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