Forex Trading Library

Intraday Analysis – DAX Hits Another Record

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The Dax40 rises to an all-time high
The DAX40 Chart: Surges to All-Time High Above 18800

The Dax40 (GER 40) reached a fresh peak after a soft CPI report, which boosted indices across the board. The index has recovered to its all-time high above 18800, suggesting a relentless bullish drive. 19000 is the next target ahead. However, the RSI’s overbought condition could lead to a reversal if buyers start to close some profits. 18600 is the closest support, while the psychological level and resistance-turned-support of 18000 would be the next layer of defence in case of a more profound retreat.

USDCAD attempts to bounce back
USDCAD Chart: Attempting to Hold Above 1.3600

The Canadian dollar finds some support as the pair attempts to hold above 1.3600. Price action has moved over 30 pips higher after weeks of downward pressure. A bullish breakout would signal that the greenback could enjoy an extended recovery to this month’s high of 1.3750. 1.3580 is the first support in case of prolonged hesitation, and 1.3500 is an effective floor to maintain an upward bias.

EURJPY still in an uptrend
EURJPY Chart: Uptrend Continues, Eyes on 167.00

Improved risk appetite favours the Yen as the pair gained over 200 pips against the Euro. A close above the previous swing of 168.20 has forced short-term buyers out, leaving the door open to a potential broader downturn, with the round number of 167.00 as the next hurdle. Its breach would reverse the Euro’s gains to 164.20 at the base of the bullish breakout. On the upside, a move above 169.00 is needed to test the previous false spike.

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