SPX 500 (S&P) attempts a rebound
The SPX 500 (S&P) holds on as stocks look to begin the year on a positive note. As the index reached the previous swing low of 5850, profit-taking and fresh selling might put the price action under pressure in this significant area. The bears would look for a break below 5800 to trigger a liquidation of short-term positions, confirming the divergence play. A bullish breakout, though would open the door to 6000 as the market begins to warm up.
USDCHF hits higher high
The US dollar hit another peak as price action moved to more multi-month highs. The pair continues to strive after a series of swing highs, suggesting constant buying pressure. A decisive break past 0.9000 is the current support to see whether the sell side would start to make a comeback. On the upside, 0.9080 is the first resistance, and 0.9150 would act as a bullish magnet. A failure to push higher in a meaningful way could send the greenback to the critical floor at 0.8920, at the previous bounce
USDJPY seeks support
The Yen saw a slight pullback in price action to attempt to derail the progressive dollar. The round number of 157.00 saw some selling interests after the RSI sank back into the oversold area. Bulls will have the challenging task of lifting 157.50 and then 158.40 before they can hope for a robust rebound. On the downside, the demand zone 156.20-155.00 is vital in preventing a deep correction.
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