Forex Trading Library

Intraday Analysis – DAX 40 Bounces Back

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DAX 40 (GER ) hitting key resistance
the DAX 40 chart: DAX on the rise

The Dax 40 bounces higher as it tests a critical resistance. The price has come off the psychological tag 18000, where a previous spike revealed vital selling interests. The subsequent retracement was supported at 17800, giving bulls another chance to push higher. The index needs a break above 18600 for a continuation higher to move past the previous top.

USDCHF another correction
 USDCHF chart: USDCHF in motion

The US dollar fell from its recent high after dropping over 100 pips. The pair has been grinding its way up from a yearly low near 0.8430 and is aiming at the psychological level of 0.9200. Another bull run would prompt sellers to exit and open the way for a sustained rebound towards 0.9100. As the RSI creates a bearish divergence, 0.8950 is the first support, and 0.8840 is the second layer in case of a fallback.

EURGBP pushing for another top
 the EURGBP chart: EURGBP dynamics

The pound holds firm as the Bank of England does not look like it is throwing up any surprises in its next meeting. The pair has pushed back to near the recent double top at 0.8650. 0.8600 is the first obstacle to clear, and then bulls will need to close above 0.8710 at the previous swing high to inject some optimism into the market. On the downside, a break below 0.8540 would test the February and March double bottom at 0.8500.

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