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USDCHF posted a sharp bearish rally in the previous days, driving the pair towards a fresh nine-month trough near 0.9695. The technical indicators are hovering in oversold levels suggesting a potential upside retracement. The MACD remains below the trigger line, while the RSI is trying to jump above the 30 level.

Yet with the market action taking place well below moving averages, the pair may need extra time to correct the recent downtrend that started from the 1.0235 top.

A possible upside correction could send the market towards the 0.9850 resistance, identified by the inside swing bottom on June 5. Above this level and the red Tenkan-sen line, the next stop is coming from the lower surface of the Ichimoku cloud near 0.9880 and the 20-day simple moving average (SMA) currently at 0.9905.

A failure to return higher would put more faith to the bearish wave shifting the focus on the 0.9540 support barrier.

Briefly, USDCHF continues to hold a negative status both in the short and the medium-term.

Yesterday, the EUR/USD currency pair declined to the lower boundary of the short-term ascending channel at 1.1355. During Wednesday's morning, the pair was testing the given line.

Note, that the exchange rate is supported by the 100-hour moving average, currently located at 1.1352. Thus, it is unlikely, that a breakout south from the channel could occur.

It is expected, that a reversal north should occur within the following trading sessions. In this case, the rate has to surpass the 55-hour SMA at the 1.1383 mark. A possible upside target is the resistance level—the monthly R3 at 1.1412.

On Tuesday, the GBP/USD exchange rate tumbled to the support level formed by the weekly PP at 1.2669.

If the given support level holds, it is likely, that the rate could reverse north in the nearest future. Potential upside target remains to be the resistance level at the 1.2760 mark. However, note, that the currency pair has to surpass the 55– and 100-hour SMAs, located circa 1.2720.

From a technical perspective, it is unlikely, that bears could prevail in the market, as the pair is supported by the 200-hour SMA at 1.2653. Thus, the rate could trade sideways, trying to surpass the given support.

During the previous trading session, the USD/JPY currency pair reached the upper boundary of the short-term descending channel at 107.45. During Wednesday's trading session, the pair was testing the given line.

From a theoretical point of view, it is likely, that a reversal south could occur in the short term, and the exchange rate could target the lower channel line located circa the 106.70 mark.

However, note, that the rate is supported by the 55– and 100-hour SMAs, currently located circa 107.30. Thus, if the given channel does not hold, a breakout north could occur, and the pair could try to surpass the weekly PP at 107.70.

On Tuesday, the XAU/USD exchange rate reversed south from the upper boundary of the long-term ascending channel at the 1,433.82 mark. During today's morning, the rate was testing the support level formed by the 100-hour SMA at 1,405.76.

If the given moving average holds, it is likely, that gold could make the U-turn and continue to appreciate against the US Dollar. In this case, the rate could re-test the given channel.

However, note, that the price for gold is pressured by the 55-hour SMA at 1,417.37. Thus, the rate could trade sideways between the given moving averages in the nearest future.

The common European currency depreciated about 80 base points against the Japanese Yen on Tuesday. The currency pair tested a support level formed by the 50% Fibonacci retracement level at 121.72 during Tuesday's trading session.

After hitting the 50% Fibo, the exchange rate made an upside reversal. By and large, it is likely that the EUR/JPY currency pair will make some gains within this session. The potential will be at the 122.47 area.

However, technical indicators flash sell signals on the daily time frame chart. Therefore, the currency exchange rate might reverse from the current price level at 122.14 and continue its downward swing today.

The Australian Dollar maintained an ascending channel pattern against the US Dollar on Tuesday. The 50-hour simple moving average provided support for the currency pair at 0.6968 during yesterday's trading session.

To maintain the channel pattern today. The potential upside target will be near the upper boundary at 0.70.

Furthermore, technical indicators demonstrate that bulls will continue their dominance in the market during the following trading session.

The US Dollar remained flat against the Canadian Dollar on Tuesday. The currency pair tested the bottom border of a horizontal channel pattern at the end of yesterday's trading session.

Given that the 50-, 100– and 200-hour SMAs are above the price level, it is likely that the USD/CAD currency pair will continue to trade south during the following trading session.

A breakout through the lower boundary of the horizontal channel is likely to occur within this session

The New Zealand Dollar traded in an ascending channel pattern against the US Dollar on Tuesday. The currency pair pierced the 100-hour SMA at 0.6610 during the early hours of today's trading session.

As for the near future, it is likely that the exchange rate will continue its upside movement. Bullish traders could aim for the upper boundary of the channel pattern during the following trading session.

However, a resistance level formed by the weekly R2 at 0.6671 could restrict bulls momentum in the shorter term.

US Treasury Secretary Steven Mnuchin told CNBC that US-China trade agreement is 90% done. And he's hopeful to move forward with a plan to complete the deal by the end of the year.

He said "We were about 90% of the way there (with a deal) and I think there's a path to complete this". And, "the message we want to hear is that they want to come back to the table and continue because I think there is a good outcome for their economy and the U.S. economy to get balanced trade and to continue to build on this relationship."

Mnuchin also aid "I'm hopeful that we can move forward with a plan … President Trump and President Xi have a very close working relationship. We had a productive meeting at the last G-20." He's hopeful a deal could be struck by the end of the year but said "there needs to be the right efforts in place."