Intraday Analysis – 14.01.2025

GBP (sterling) fall lower

GBP (sterling) maintained its bearish run as worries over the state of the economy rumbled on. Despite a previous move towards 1.2550 at first, sellers seem to be undeterred, and a 300 pip drop in recent sessions has prompted short-term buyers to cover. A close below 1.2100 would pave the way for a continuation towards 1.2030, paving the way for a multi-year low. On the upside, 1.2250 is a fresh resistance should the bulls consider moving back into the market.

USDCHF tests key peak

The US dollar continued its dominance over the Franc as prices hit a fresh peak. The pair’s break of the previous resistance at 0.9120 forced the latest sellers to scramble for the exit. The recent high at 0.9180 will need to be cleared before a break above 0.9200 can be considered. A small consolidation shows that bulls are catching their breath as the RSI hits the overbought area again. 0.9100 is the immediate support in case of a rebound.

SPX 500 breaks support

The S&P broke another firm support as December’s gains were wiped out. The downward spiral gained further momentum after clearing the recent level of 5880. 5720 at the start of November’s bounce is the next hurdle before the index confirms its heavy sell-off. As the RSI shoots again into oversold territory, a pullback could be necessary to give the fall some breathing room. 5900 would be the first resistance should a combination of sentiment shifting and fresh buying drive the quote higher.

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