USD/CHF At Resistance

USD/CHF is trading at resistance today. After the opening of the US session, the pair slowly started to depreciate, so far confirming the change of trend. USD/CHF appears to be looking South as price is getting back into the descending trading channel.

Current market price is 1.0080, intraday high reached 1.0107 and that was the moment when bears took control and brought it down again. It is still early to confirm that the pair has changed direction. It would be a good indication if today's close is below 1.0080.

Should the bear take over, the pair is expected to go below parity. Short term target is seen at 0.9953 while major bear target is seen at 0.97. The latest US news indicate weakening economy and that could be enough to drive investors away from the US for a while until economic conditions improve.

Chart: USD/CHF H4

EUR/USD At Support

EUR/USD is trading at support in the early European hours of today's session. The pair is currently trading at 1.0583 with a low of 1.0570. Bulls are now trying to bring it up backed by strong fundamentals and strong short-term technicals.

What gives bulls confidence is the lower than expected non-farm payrolls - 98,000, well below expectations of 180,000. The US dollar, however, did not react negatively at all and it kept appreciating against the single European currency.

The pair is looking to appreciate if current level holds. If the US dollar goes below 1.0550, then the bullish run would be considered invalid. Bulls have the upper hand in the situation and are looking to potential first target at 1.0690.

Chart: EUR/USD H4

GBP/USD Neutral

GBP/USD is not showing any clear signs indicating where it will head next. After Article 50 was triggered, the pair did not react in any way thus causing traders and investors to guesswork their direction.

What actually happened after Art 50 was a consolidation in a narrow channel between 1.2570 and 1.2370. The pair is now trading at 1.2482, right in between the upper and lower trading line.

Major bull target is seen at 1.2670, while major bear target rests at 1.2040. Today's GBP news turned out to be positive for the UK and that reflected in appreciation of the pair, but only mildly. Sterling bulls will need something stronger in order for them to power through and reclaim their level above 1.27.

Chart: GBP/USD H4

NZD/USD Breaks Support Again

NZD/USD is having a hard time recently trying to keep up within the upward trending channel on the long term outlook. The pair reached support in the beginning of March at 0.6955 and went below the channel. Then somehow it managed to get back in sharply. Unfortunately for the bulls, the pair was inconsistent and started trading sideways until it gave up.

Today, the pair broke the support level again, indicating that the move to the downside may not be over. Price is now 0.6975 and the bearish momentum continues to gain strength.

First bear target is seen at latest low at 0.6885, while bulls' target is to get back in the trend. The economic US news this week might give a hint on the direction of the pair.

Chart: NZD/USD D1

EUR/USD Backed By Support

EUR/USD had some bad days recently as price went down with more than 250 points in the last couple of weeks. The pair went from 1.09 to a low of 1.0635 in a matter of a few days due to strong data coming out of the US. Also, technicals played a significant role as the pair circulated around the 200SMA. Bulls were unsuccessful in their attempt to go beyond it and bears took over.

The pair hit the prior pivot point at it's lowest today and was immediately backed up by the bulls who took the chance to go long and buy the dip. Price is now 1.0655 and has a good chance to continue up for the short term.

However, if bears break the support at 1.0630, the pair will most likely be vulnerable and this will increase the chances for it to go South.

Chart: EUR/USD D1

USD/CAD at Resistance

USD/CAD is having a strong start of the month with price going to a high of 1.34, up from 1.3284 in the end of March. The US dollar is stronger now due to positive US data and sustained optimistic outlook for the economy under the Trump administration.

All this means that the rally of the US dollar might be injected with a new dose of enthusiasm, causing all USD pairs to move in favor of the Greenback.

USD/CAD won't be an exception. The pair needs to close above 1.3415 in order for the bulls to have a good outlook with major target somewhere between 1.3585 and 1.3690.

Short term, the pair is expected to consolidate around 1.34 and 1.3250, only after we get a break out of either sides, the pair could be expected to pick a direction.

Chart: USD/CAD H4

Gold Above $1,250

Gold is having a volatile Monday with open price at $1,246, a low of $1,244 and currently trading at its highest - $1,252. The precious metal is trying to beat the odds and had a very strong first quarter despite the many analysts and market experts who predicted that the US dollar will push down the price of Gold.

Since the start of 2017, Gold is up about 8.70%, or just a bit over $100. Gold opened at $1,150 and had it's high in the end of February at $1,264. Main trend on the short term remains strongly bullish. First level bulls need to take care of is $1,265, then comes $1,290.

Bears will use the opportunity to sell at $1,265 which means that the same is a good short entry. Bears major target is the 38.2% Fibo at $1,210.

Chart: XAU/USD H4