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Sugar price resumes the decline – Analysis - 06-09-2022
Sugar price bounced bearishly after testing 18.13 level in the previous sessions, pressing on the intraday bullish channel’s support line that appears on the chart, which we believe it forms bearish flag pattern that supports the chances of continuing the expected bearish trend for the upcoming period.
Therefore, the bearish trend scenario will remain active as long as 18.13 level remains intact, noting that our targets begin at 17.80 and extend to 17.23.
The expected trading range for today is between 17.50 support and 18.20 resistance
The expected trend for today: Bearish
Soybean price tests the resistance – Analysis - 06-09-2022
Soybean price provided positive trades to test the bearish channel’s resistance that appears on the chart, and the EMA50 meets this resistance to add more strength to it, while stochastic shows clear negative signals now.
Therefore, these factors encourage us to continue suggesting the bearish trend for the upcoming period, which targets 1402.10 followed by 1378.00 levels initially, noting that holding below 1430.00 is important to achieve the suggested targets.
The expected trading range for today is between 1385.00 support and 1430.00 resistance.
The expected trend for today: Bearish
Corn price is recovering – Analysis - 06-09-2022
Corn price returned to rise and consolidate above 660.70, staring today with additional bullish bias to move away from the mentioned level, which leads the price to resume the main bullish wave, targeting visiting 690.00 followed by 698.90 levels as next main stations.
Therefore, we expect to witness more rise in the upcoming sessions conditioned by the price stability above 660.70.
The expected trading range for today is between 660.00 support and 690.00 resistance.
The expected trend for today: Bullish
The USDCHF breaks the support – Analysis - 06-09-2022
The USDCHF pair trades negatively now to break the bullish channel’s support line and settles below it, which puts the price under expected negative pressure on the intraday basis, targeting visiting 0.9730 mainly.
Therefore, the bearish bias will be suggested for today, noting that breaching 0.9790 will stop the expected decline and lead the price to recover again.
The expected trading range for today is between 0.9710 support and 0.9830 resistance.
The expected trend for today: Bearish