The price of (silver) settles on cautious gains in its last intraday trading, offloading its clear oversold conditions on relative strength indicators, in a clear signal for quick decline in the bullish momentum, especially with the continuation of the negative and dynamic pressure that is represented by its trading below EMA50, reducing the chances of extending these intraday gains, amid the dominance of the bearish trend scenario on short-term basis.

The price of gold declined in its last intraday trading, as we expected in our morning analysis, due to its trading below $5,000 psychological resistance, and there are negative pressure due to its trading below EMA50, affected by breaking minor bullish trend line on short-term basis, intensifying the negative pressures, noticing that the price managed to offload its oversold conditions on relative strength indicators, opening the way for recording more losses on near-term basis.

The price of EURUSD settles on a decline in its last intraday trading, leaning on EMA50 in attempt to gain bullish momentum that might help it to recover and rise again, amid its trading alongside main bullish trend line on short-term basis, reinforcing the bullish scenarios, especially with the relative strength indicators reaching oversold levels, exaggeratedly compared to the price, indicating the beginning of forming positive divergence.

The CHFJPY succeeded in surpassing the negative pressure after hitting 197.65 level, achieving all the previously suggested corrective targets, keeping its stability above the main bullish channel’s support at 197.30.

We expect begin recording positive momentum due to stochastic exit from the oversold level, which allows it to form bullish waves, to expect targeting 200.55 and 201.25 level.

The expected trading range for today is between 198.55 and 200.55

Trend forecast: Bullish