Dow (US 30) dropping lower
The Dow (US 30) experienced a slight pullback in its recent bull rally as investors turned their attention to recent tariff rumours. The index is still striving to hold onto its gains after lifting the key daily resistance of 44000. A fall below 43750 will put the short-term bulls on the defensive, leading to more profit-taking as they are likely to step aside. 44500 is the target to turn momentum around and get the Dow back on track for another potential record.
USDCHF begins the fightback
The US dollar remains bullish after bouncing over 100 pips since the beginning of the week. The next step now is to break the new resistance at 0.8030 before a full rebound can materialise. A failure to break higher would indicate exhaustion after a mid-term rally, pushing prices lower. Buyers could then be forced to bail out, triggering a new round of selling past 0.8000 and potentially reaching the recent bottom at 0.7910.
EURGBP hit a rejection
The pound rebounded against the euro after a brief surge in inflation data. A latest Doji candlestick at 0.8680 is a show of rejection and could lead to another move lower. A pullback to the base of the bullish momentum at 0.8620 is a test of buyers’ resolve as its breach would invalidate the rebound and cause an extension towards 0.8500. 0.8700 is the latest resistance where a bullish continuation can occur if a break here is validated.
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