(GER40) DAX hits another higher high
The (GER40) DAX remains bullish, even though prices have experienced a slight correction. A move below the psychological level of 24000 has pushed the index back to consolidation mode. After the RSI moved towards the neutral area, if the bearish momentum remains intact, a deeper retracement could send the price to 23600. On the upside, the recent peak of 24200 is the last obstacle before any hope of a turnaround.
USDCHF breaks support
The Swiss franc strengthened across the board as risk appetite remains volatile. The pair has seen a decline in price action as the dollar has fallen over 300 pips from its previous swing high. A move below 0.8000 has kept the bears in the game by prompting buyers to reconsider after the bearish downturn for the majority of last week. 0.7880 is a fresh support, and only a close above the ceiling of 0.8000 and then 0.8080 would turn things around.
EURJPY hits resistance
The euro remains slightly unstable after hitting a firm resistance. On the chart, sentiment remains upbeat as the price grinds below 170.00, and the pair will need to clear this psychological level to maintain the current momentum. Buyers will be concerned if the overall sentiment turns bearish following this significant rejection. On the downside, 168.50 and then 167.80 need to be broken before sellers can realistically hope for a complete reversal.
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