New Zealand dollar (NZDUSD) stuck in descending channel
The New Zealand dollar (NZDUSD) attempted to claw back recent losses after Friday’s NFP numbers missed the consensus. The pair has recently struggled against the greenback, which saw over 200 pips wiped off the currency. The bulls’ failure to push higher and break the descending channel would make the Kiwi vulnerable to a broader sell-off. A break below 0.5880 could attract more momentum sellers, with the psychological level of 0.6000 as the next target to the upside.
USDCHF struggles to hit new high
The US dollar looks to break out of consolidation as prices failed to test the 0.8400 level. The recent fall has struggled to conserve its momentum, with the price turning lower and bouncing at the 0.8200 area. Near-term sentiment has become downbeat following the breach of the daily support at 0.8250, and bears are likely to sell into strength at rebounds. A fall below 0.8200 would confirm further weakness and expose the greenback to a decline past 0.8140.
S&P500 bouncing higher
The S&P500 continues to exceed expectations as heavy tech companies continue their progressive earnings season. The price is now grinding a key resistance zone around 5660. On the opposite side, offers could be expected from those who sold high, and an initial break below 5500 could see a downtrend continue. 5700 is a crucial level to keep the rally intact in the short term, and its breach could trigger a continuation towards 6000.
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