Intraday Analysis - Monday, March 23

GBPUSD tests key support

Cable paused the recent rally as price action was rejected at the 1.3460 area. On the chart, the pair is testing a fresh low, with the previous swing high a key level for bulls to target should another push to the upside ensue. A bearish continuation could trigger a new sell-off to the critical floor at 1.3220, as the RSI falls from the overbought area, but will first need a confirmation below 1.3300

USDCHF swinging lower

The US dollar prepares for another wave lower as markets panic over a prolonged conflict in the Middle East. Selling pressure had eased after the pair tentatively halted at 0.7900. However, the buy side remains in the game, as a recent bounce has seen the RSI show a slight bullish divergence. If prices can remain above 0.7850, 0.7940 becomes the first target at the previous swing high, as this is a firm resistance level.

USOIL heading higher

WTI crude remains in the headlines after hitting another fresh high amid renewed global tensions. The double spike towards the 100.00 region is a reminder that sentiment is still cautious. 85.00 is the first support if the Strait of Hormuz gets back on track, but unlikely in the current climate. A close above 102.00 could send prices higher towards 105.50, potentially signalling a continuation.