Copper price failed to break $2.9500 level, affected by the stability of the moving average 55 near it, forcing it to delay the corrective decline and forming some bullish waves, to settle near $6.2000.

The current bullish rally doesn’t affect the bearish corrective trend due to the stability below $6.3000 barrier, which makes us wait for gathering the negative momentum again, which allows it to renew the pressure on the barrier at $5.9500 to find an exit for targeting new bearish stations that begin at $5.8100, while breaching the barrier and holding above it will open the way for recording extra gains that might begin at $6.4600.

The expected trading range for today is between $5.9500 and $6.3000

Trend forecast: Bearish

(ETHUSD) rose in its latest intraday trading, benefiting from the renewed bullish momentum due to its move above EMA50, reinforcing the stability and strength of the bullish corrective trend on the short-term basis, with its move alongside supportive trend line for this path, besides the emergence of the positive signals from the relative strength indicators, despite reaching overbought levels.

Brent crude oil rose slightly in its recent intraday trading, with the continuation of the dynamic support that is represented by its trading above EMA50, reinforcing the chances of a recovery and completing the bullish corrective trend on the short-term basis, conditioned by breaching the main bearish trend line.

This scenario is supported by the beginning of forming positive divergence on the relative strength indicators, after reaching oversold levels, exaggeratedly compared to the price move, with positive signals’ emergence.

The USDCHF pair declined in its last intraday trading, to break a main bullish trend line on the short-term basis, accompanied by surpassing EMA50’s support, with puts it under intensified negative pressure, increasing the likelihoods of deepening these losses in the upcoming near period, despite its stability on the oversold levels.