Insights from the Market Desk by FenzoFx.com

[FxNews]

USDHCF Downtrend Triggered with Stop at 0.8818 CHF





FenzoFx—USD/CHF created new lower lows below 0.880 CHF, which could potentially lead to further losses. The critical resistance level is 0.88180 CHF.

If this level holds, USD/CHF could target the 0.8768 support.

[FxNews]

Crude Oil Tests Key Resistance: $68.0




FenzoFx—Crude Oil traded bullish today, testing the $68.0 resistance. The 1-hour Awesome Oscillator and price above the 50-period SMA suggest the uptrend may resume.

A close above $68.0 could target $69.2, while a drop below $67.0 may lead to a bearish trend targeting $66.4.

[FxNews]

NATGAS Failed to Break above $4.20




FenzoFx—The natural gas prices failed to surpass $4.20. As a result, the trend returned bearish, testing the $3.99 support for the third time. This bearish push could lead to a break of the $3.99 support.

If this scenario unfolds, NATGAS will probably fall toward $3.815.

[FxNews]

USD/JPY: Bulls Fail to Drive Prices Higher




FenzoFx—USD/JPY has been creating higher-lows from 146.6 support, but the uptick in momentum eased at 149.2 resistance, and bulls failed to push the prices higher.

The immediate support is at 148.3. From a technical perspective, the downtrend will likely resume if bears close and stabilize below this support. In this scenario, the next bearish target could be 147.5, followed by 146.6.

Conversely, if bulls pull the prices above the immediate resistance, the 149.2 mark, the uptick in momentum can potentially extend to a higher level. If this scenario unfolds, USD/JPY could target 150.2, followed by 151.0.

[FxNews]

Bitcoin Trades Bearish Below $85,100.0




FenzoFx—Bitcoin remained below $85,100 and tested this area as resistance three times, resulting in a shift below $83,655.00. From a technical perspective, the BTC outlook remains bearish, below the critical resistance of $85,100. Below this resistance, the price can potentially fall toward $77,850.0 support.

Conversely, a close above $85,100.0 can trigger a new bullish wave, targeting $91,400.

[FxNews]

Litecoin is Bearish Below $94.2




FenzoFx—Litecoin trades sideways and couldn't surpass $94.2 resistance. If this level holds, LTC will likely dip toward $88.3.

[FxNews]

GBPUSD Trading Range, Awaiting a Breakout




FenzoFx—GBP/USD is trading within a range after nearing the $1.301 mark. At the time of writing, the pair is approximately $1.293, awaiting either a bullish or bearish breakout.

The primary trend remains bullish as long as the price stays above the $1.2865 support level. However, for the uptrend to resume, bulls need to achieve a close above $1.2945 and establish stability at this level. If successful, the uptrend is likely to continue, targeting the $1.301 resistance.

Conversely, if GBP/USD drops below the immediate support at $1.2915, the consolidation phase may extend towards the next support level at $1.2865.

[FxNews]

GBP/USD Tests $1.295 Resistance: Key Fibonacci Levels



FenzoFx—GBP/USD trades in a wedge pattern, testing the $1.295 immediate resistance. From a technical perspective, the uptrend from $1.291 could extend to the 61.8% Fibonacci retracement level, followed by the 78.6% Fibonacci retracement level, if the bullish push resumes.

A close below the immediate support at $1.2931 can trigger a downtrend in the U.S. trading session. On the other hand, a close above $1.295 should invalidate the bearish outlook.

[FxNews]

Ripple Faces Resistance: Key Levels and Potential Bearish Scenarios





FenzoFx—XRP/USD tested the 61.8% Fibonacci retracement level at $2.3588 amid overbought signals indicated by the Stochastic Oscillator. This resistance area is further supported by the Fair Value Gap, suggesting that the market structure is accumulating sell orders.

The immediate support is at $2.208. A new bearish leg is likely to form if bears close below the immediate support. In this scenario, Ripple could potentially decline toward the psychological level of $2.0.

[FxNews]

EUR/USD Consolidates Amid Stochastic and RSI Signals





FenzoFx—EUR/USD began consolidating from $1.0943 (higher high) and broke below the $1.089 immediate support. This decline was anticipated due to the overbought signal indicated by the Stochastic Oscillator and the bearish divergence signal from the RSI 14.


The price is likely to test the $1.0766 level to establish a higher low. Traders should watch for bullish signals at this level, such as specific candlestick patterns. Nevertheless, the market outlook remains bullish as long as EUR/USD stays above the critical support at $1.0766.