The GER 40(DAX)hitting key resistance
The GER 40(DAX) continued to recover as President Trump’s proposed EU tariffs didn’t seem to worry investors too much. The price has come off the psychological tag of 23000, where a previous strong bearish candle threatened to reverse this month’s gains. The subsequent retracement has found resistance at 24000, giving bulls some time to catch their breaths. For a higher continuation, the index needs a break above 24250; otherwise, sellers could re-enter the market for a choppy consolidation period.
USDCHF sliding lower
The US dollar continues to feel the heat over trade tariffs as prices test the 0.8200 level. The pair has been grinding its way lower from a monthly high near 0.8450 and is now aiming at the psychological level of 0.8000. Another bearish run would prompt buyers to exit and open the way for a sustained move towards 0.8130. As the RSI creates a bullish divergence, 0.8250 is the first target higher for a potential recovery.
EURGBP hoping for support
The euro continues to slide as the pair looks for some common ground with the pound. The pair has fallen away from the recent double top at 0.8450 as price action sunk towards the latest support at 0.8380. A break below that level would test the April low at the lower end of the 0.8300 area. On the upside, 0.8450 is the first obstacle to clear. Then, bulls will need to close above 0.8610 at the previous swing high to inject some optimism into the market.
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