Intraday Analysis - Wednesday, Nov. 4

USDCHF tests important support

The Swiss franc looks for a bounce as prices slide lower.

• Any chance of a turnaround requires a jump above 0.8200 to signal that buyers remain in the market.

• As the RSI flirts with the neutral area, 0.8250 will be the first level to expect some firm resistance.

• If the pair finds bullish momentum, the top at 0.8300 will be a tough level to crack.

• A dip lower will break 0.8180 and could lead to a deep correction.

GBPUSD beginning to rebound

Cable received a boost as the recovery begins to take shape after bouncing away from the 1.3300 level.

• On the chart, a move above 1.3350 put sellers on the defensive.

• 1.3420 is the next level to see if buying interest has returned.

• 1.3350 is the first hurdle to clear for sellers, and then the recent low of 1.3280 is a major floor to break.

USDJPY grinding higher

The Yen continues to lose traction against its rival as price action rises to the recent peak.

• The dollar’s momentum has dented a reversal from sellers as the pair tests 158.20.

• Sentiment for the greenback remains mixed after the midterm elections, but prices remain in a bullish mood.

• 157.00 is an important level to prevent a deep correction.