The Dax(GER 40) moving higher
The Dax(GER 40) has seen a remarkable surge in recent sessions as the European markets make a comeback. A bearish divergence on the RSI caused a gap lower. However, since then, prices have been looking to not only cover the gap but also hit a fresh high. Any signs of exhaustion will lead to 21000, which will become immediate support in case the index takes a breather. A drop below this level could indicate the beginning of a sharp sell-off.
USDCHF spiralling lower
The US dollar softened as investors saw a limited trade war between America and China. On the chart, the pair has remained under pressure after a break below the 0.9100 level. The current rebound from the recent bull run has led to a collapse in price action as bears firmly take control. The pair needs to hold on to the 0.9000 level to avoid another sell-off. Otherwise, renewed buying pressure could send the pair towards the recent peak at 0.9180, with a break of 0.9080 needed.
EURGBP remains pressured
The euro remains bearish as prices failed to break the recent weekend gap. A move below 0.8320 means bears are still in charge of the price direction. A pullback would be seen as an opportunity to move to the previous swing high towards 0.8400, with a 0.8350 break being the first target. The previous low of 0.8280 is the first support to prevent the pair from entering a deep correction.
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