(US 30) The dow jumps 600 points
(US 30) The dow managed a steady comeback as prices broke above the 47000 level. As the RSI moves into the overbought area, the top of the latest consolidation spike makes it an important level to keep the bullish bias intact. Its breach could attract more buyers into the market and trigger an extension. On the downside, any signs of exhaustion could see another test at the 46800 level.
USDCHF hits resistance
The dollar failed to lift above the previous resistance as prices began to move lower. The greenback has rallied since the pair managed to bounce over 200 pips to test the recent November peak. The psychological level of 0.8100 was the next target to test buyers’ commitment. However, this failed as a fall below 0.8040 would put bulls’ resolve to the test by exposing 0.7985.
NZDUSD spikes higher
The New Zealand dollar ticked higher as price action moved away from the 0.5600 level. A push above 0.5660 has renewed the bullish stance and put those who sold the latest move on the defensive. With prices nearing a fresh daily chart peak, 0.5720 is the next target to see if meaningful buying will continue, or if the kiwi could sink back towards its weekly low of 0.5580.
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