(Dax)GER 40 looks for recovery
The (Dax)GER 40 continues its choppy nature after rising once again from the lower 23000 area. Prices continue to capitalise on its break above the psychological level of 24000. As the RSI drops back into the neutral area, 23900 near the base of the bullish breakout is the first level to expect follow-through bids, while 23500 is a critical floor. Another test at the recent peak of 24400 would need prices to maintain their composure above 24000.
USDCHF bounces higher
The US dollar triggered a recovery after bouncing from the lower 0.8000 region. Following a pop above the next psychological level of 0.8100, a brief pullback has been contained. A further move higher would signal that bulls have regained control of price action and opened the door to 0.8170 at this month’s peak, a last step before a broader recovery in the medium-term. On the downside, 0.8040 is critical in keeping the rebound mode intact.
GBPUSD falls from peak
Cable finds some support after taking a breather from its latest bull rally. The latest retracement has met bids in the congestion area formed by the daily resistance–turned-support of 1.3400. A bearish RSI divergence suggests a slowdown, with 1.3480 as the first hurdle to breach, which would prompt the pair to retest its recent peak of 1.3560. Otherwise, a fall below 1.3350 would trigger a new round of sell-off towards 1.3300.
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