Copper price activated again with the positivity of the main indicators, forming more bullish waves, approaching $5.9700 level which formed strong obstacle against confirming the continuation of the positivity in the last period.

We recommend waiting for breaching the barrier and holding above it to reinforce the chances of recording new gains, to expect forming initial target at $6.1200 level, to extend the trading towards $6.2400, while the failure of the breach will force the price to form bearish corrective wave, and there is a chance to target $5.7200 and $5.5100 level.

The expected trading range for today is between $5.8000 and $6.1200

Trend forecast: Bullish

The (ETHUSD) price witnessed strong gains on its last intraday levels, due to the stability of $1,800 key support, gaining bullish momentum that helped it to achieve these gains, to recover some of its previous losses, to reach EMA50’s resistance, which threatens these intraday bullish rebounds especially with the relative strength indicators reaching exaggerated overbought levels compared to the price move, indicating a gradual fading in the bullish momentum.

The (Brent) price moves in sideways range on its last intraday levels, attempting to gain bullish momentum that might help it to recover and resume its gains again, amid the continuation of the dynamic support that is represented by its trading above EMA50, reinforcing the stability and dominance of the main bullish trend on short-term basis, besides the emergence of positive overlapping signals on relative strength indicators, after reaching oversold levels.

The (USDCHF) price declined in its last intraday trading, amid the emergence of the negative signals from relative strength indicators, attempting to gain bullish momentum that might help it to recover and rise again, leaning on bullish corrective trend line on short-term basis, accompanied by its leaning on EMA50’s support, reinforcing the strength of this level as a key support that will detect the upcoming trend on near-term basis.