XAGUSD spikes higher
The silver rally continued after the Fed’s decision, pushing prices to a fresh high., as Silver moved to a fresh high. The precious metal has recouped most of the losses from the recent sell-off. The peak of 31.50 is a significant ceiling ahead, and its breach would force the remaining bears out and signal a bullish continuation. However, a bearish RSI divergence in this significant zone could hold the buy side back, at least momentarily, as a combination of fresh selling and profit-taking could drive prices lower. 30.25 is the first support should this happen.
USDCHF remains choppy
The US dollar fluctuated as the markets still digested the Fed’s interest rate cut. The pair came under pressure as prices spiked below the 0.8400 level. A bounce above the previous top at 0.8500 of a previous consolidation area has shaken off some weak hands. This could suggest that the bulls have not had their last word yet. A close above 0.8540 would signal a strong willingness to keep the dollar’s recovery intact, and 0.8420 would be fresh support in case of hesitation.
EURGBP stays undecided
The pound jumped on the back of a resilient euro as the pair continued its sideways pattern. The pair is still consolidating above 0.8400, and this suggests that the bulls have not capitulated yet. A break above 0.8450 was an encouraging sign, throwing off more selling interests and possibly paving the way for an extension. However, the recent dip towards the 0.8400 level could see a fresh bid to break recent lows and send price action towards 0.8300. 0.8385 is the first support to break in this case.
Test your trading strategy on forex and stocks with Orbex
The post Intraday Analysis 20.09.2024 appeared first on Orbex Forex Trading Blog.
