SPX500 (S&P) jumps higher
The SPX500 (S&P) climbed for a fourth straight session as the US and China tariff agreement rumbles on. With Treasury yields also falling, this provided a boost to stocks. The jump above 5700 indicates that sellers are bailing out, with that level turning into fresh support. The psychological level of 6000 becomes the next target as buyers look to make a full recovery above 6150.
USDCHF another lower low
The Dollar dropped over 100 pips as the pair fell through the mid-0.8300 level. Inflationary pressures remain as the recent move attempts to close below 0.8300, which could lead to a longer-term bearish rally. The current support could bring some bulls back into play, but another round of sell-offs could send the greenback to the recent consolidation phase around 0.8200. Bulls will need to reach the recent top above 0.8450 to turn things around.
USDCAD breaks support
The Canadian Dollar saw some relief as price action fell from another peak. The pair has met some selling pressure as prices fell away from the 1.4000 level. A tentative break below 1.3920 would dent the short-term optimism and trigger an extended sell-off, with 1.3750 as a potential target. On the upside, 1.3960 is an intermediate resistance, and only a close above 1.4000 would resume the recovery.
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