The price of gold began a recovery in its last intraday trading, after offloading its overbought conditions on relative strength indicators, opening the way for extending its intraday gains, amid the stability of its trading above $5,000 psychological support, taking advantage of the dynamic pressure of its trading above EMA50, beside its move alongside minor bullish trend line on short-term basis.

The price of EURUSD rose in its last intraday trading, to remain stable above 1.1900, after offloading some of its overbought conditions on relative strength indicators, amid the continuation of the dynamic support that is represented by its trading above EMA50, reinforcing the chances of its rise on near-term basis, affected by positive technical formation on the near-term basis(the double top pattern), indicating the bearish corrective wave.

The CHFJPY began losing the bullish momentum after recording 203.65 level, affected by stochastic attempt to exit the overbought level, forming corrective waves by approaching the initial support at 202.25.

Despite the main stability within the bullish channel’s level, the continuation of facing negative pressure might force it to activate the bearish corrective scenario, to target 201.15 and 200.35 level, while resuming the rise requires providing a new positive close above 203.20 level to reach the bullish channel’s resistance at 204.90.

The expected trading range for today is between 201.15 and 203.20

Trend forecast: Bearish

The EURJPY pair lost its bullish momentum due to stochastic exit from the overbought level, which forces it to delay the previously suggested bullish rally, reaching 184.85 level to find an exit to motivate the dominance of the bearish corrective trend in the current period.

Our bullish scenario depends on forming main barrier at 186.20 level, note that the continuation of the negative pressures might force the price to suffer some losses by reaching 184.10, then attempts to press on the bullish channel’s support at 183.55, which represents a confirmation key for the next trend in the upcoming trading.

The expected trading range for today is between 184.20 and 186.00

Trend forecast: Bearish