FTSE 100 (UK) hits multi-month high
The FTSE 100 (UK) inched higher as commodity prices rose as prices close in on a record peak. A jump above 8320 might have put the index back on track after a lengthy consolidation. 8200 at the base of the bullish breakout saw renewed interest and is a significant level to keep the upbeat bias intact in the short term. The multi-month high of 8500 could be the bears’ last stronghold, and its breach could trigger an extension to the level of 8660.
USDJPY recoups some gains
The Japanese yen strengthened after moving away from the recent top at 159.00. On the chart, the pair is still in recovery mode, and the rebound is now taking on its first hurdle at 155.00, near the previous swing low. A further bearish breakout would prompt a few buyers to trim their bets, easing the upward pressure. As the RSI ventured again into the oversold area, a pullback might be due, and 156.50 would be the first level to maintain a turnaround.
USDCAD remains bullish
The Canadian dollar advanced after bouncing away from the 1.4300 level. A break above 1.1380 has further put the bears on the defensive in the medium term. An oversold RSI on the hourly chart could attract some bargain hunters. 1.4450 has turned into a fresh resistance at the previous high, where cautious sentiment could lead sellers to double down. Those looking for a sustained rebound will need to see 1.4400 lifted and confirmed. Otherwise, the price could continue to struggle, with 1.4350 being a firm support.
