USDCHF sees little bounce
The US dollar struggles as risk appetite returns amid banking optimism. On the daily chart, a drop below 0.9170 and a bearish MA cross suggest that the bias is still downbeat after a four-month long sell-off. The pair has remained under pressure in the short-term after the previous rebound came to a halt around 0.9340. February’s low of 0.9080 is buyers’ last stronghold and its breach would extend losses towards 0.89s. On the upside, 0.9240 is the first hurdle and only a break above 0.9340 would turn things around.
XAUUSD holds on to gains
Gold inched higher supported by a retreat of the US dollar index. The price is striving to hold onto its 11-month high at 2000 with the daily RSI showing an overbought situation. The double top at this major psychological level is another sigh of exhaustion after a parabolic rise. The bullish mood is still intact though a pullback might be due to let the bulls catch their breath. The previous swing low at 1935 is the first level to see if bids would re-emerge. Otherwise, 1886 over the 20-day SMA would be a second support.
UK 100 awaits breakout
The FTSE 100 grinds higher thanks to gains in the energy sector. The index is still trying to secure a foothold after the sharp liquidation earlier this month. A bounce above the first resistance at 7500 has prompted sellers to trim their positions, easing the downward pressure. The bulls need to consolidate their gains above the demand zone 7200-7330 then lift the recent high of 7580 to trigger a broader recovery. Failing that, this would turn out to be a dead cat bounce and the index might head below 7100.
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- Source: https://www.orbex.com/blog/en/2023/03/intraday-analysis-gold-keeps-high-ground
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