The GER40 (DAX) tests resistance
The GER40 (DAX) hit a fresh peak as euro stocks continued to outperform. A pop above 23500 and then the recent high above 24000 kept the index moving in the same direction. This confirms that the market mood remains optimistic, and the previous consolidation was an opportunity for bulls as 23750 became fresh support. The psychological level of 24000 is the next test to see if buyers will remain in the market to push prices towards 24350.
USDCHF attempts to find support
The US dollar collapsed across the board as the credit downgrade news rumbled on. The latest move has seen over 200 pips wiped off the pair as stiff selling pressure with new swing lows encourages bears to add to their short positions. 0.8200 is a fresh support zone where offers have kept the greenback in check. On the flip side, 0.8280 is the immediate target, and its breach could force bargain hunters out and send the price to the previous high of 0.8350.
EURGBP bounces higher
The euro rallied in the wake of the recent EU/UK trade deal. A test at 0.8440 has put the bears on the defensive after a previous bounce off the 0.8400 area failed to contain a sell-off. 0.8500 is the next level to see if any meaningful buying interest continues. On the downside, any profit-taking could weaken demand and make the pair vulnerable to a bearish reversal. 0.8400 has turned into firm support as the RSI creeps into the overbought area.
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