( FTSE ) UK 100 breaking lower
( FTSE ) UK 100 broke lower through its recent consolidation zone, with prices holding out for support. Stiff selling could be expected if price action drops below 9600, as previously trapped bulls would be looking to bail out unscathed. A bullish breakout through the upper channel would trigger an extended rally towards November’s high of 9920. On the downside, 9640 is the closest support level in the event of a prolonged consolidation.
GBPUSD hits flag formation
Cable saw a further advance, jumping over 100 pips as price action began consolidating. The price is pacing above 1.3300 and looking for some firm support. 1.3360 is the key obstacle to lift before a bullish extension materialises in the medium-term. Failing that, any signs of weakness would test 1.3300, and its breach would expose 1.3230, putting Sterling at risk of a reversal.
USDCHF holds onto gains
The dollar begins to take a slight tumble as risk appetite grows in the wake of the Fed’s policy outlook. A break below the psychological level of 0.8000 will prompt more buyers to cover their bets, positioning the franc on a potential recovery path. 0.8020 is the first level to expect follow-through interests, and 0.7950 further down would be the bulls’ second line of defence. A close back above 0.8060 could attract momentum buying and open the door to a return to the recent peak at 0.8100.
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