The price of (silver) witnessed limited and cautious gains on its last intraday levels, amid the emergence of negative signals from relative strength indicators, after reaching overbought levels, amid the dominance of steep bearish wave on short-term basis, and it is under negative pressure due to its trading below EMA50, reducing the chances of the price recovery on near-term.

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