(S&P) SPX500 grinds resistance
The (S&P) SPX500 took a breather as a drop away from the recent top saw some much welcomed consolidation. The index is pulling back from its record high above 6300, with the RSI dropping off from the overbought zone and cresting a bearish divergence. A bearish breakout would force leveraged long positions to liquidate and cause a correction towards 6000. Overall, sentiment remains upbeat, and bulls will be looking to keep on track to begin a fresh rally.
USDCHF grinding higher
The greenback continued to claw its way back into positive territory after finding another spring in its step. The rebound came as the pair had been dropping for the majority of June, which was a sign of a lingering downbeat mood. Bulls will need to clear the psychological hurdle of 0.8000 before a full recovery can materialise. 0.7920 is a fresh support, and its breach would invalidate the rebound and send prices below the recent bottom at 0.7880.
EURJPY hits another high
The Euro continues to dominate the Yen after breaking through the recent swing high at 172.00. Bulls have doubled down and could continue the uptrend with 172.70 as the next milestone ahead. The RSI’s fresh bearish divergence could lead to a temporary pullback, which is likely to meet interest from trend followers. 171.00 is the first support if buyers start to turn their attention elsewhere. 170.20 at the base of the previous bounce would be a critical level to maintain the momentum.
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