S&P(SPX500) record after record
The S&P(SPX500) rallies as an upbeat sentiment continues to push the index higher. A close above the psychological level of 6100 suggests that buyers remain in the market. However, as a medium-term bearish divergence on the RSI lingers, analysts look for a correction with 6040 as the first target. A full retracement towards the previous swing low at 5920 first needs a 6000 break.
USDCHF spikes lower
The US dollar is attempting to hit some support ahead of the upcoming FOMC minutes. An initial pop above 0.9000 prompted short-term sellers to cover some of their bets before a heavy rejection at this zone. 0.9040 remains a challenging level to crack for the time being, and 0.8965 at the base of the recent push is key support for keeping the rebound intact. Its breach could trigger a new round of sell-off and push the greenback below 0.8900, confirming a bearish continuation in the process.
EURJPY choppy downswing
The Yen battles against the Euro after underwhelming balance of trade data from Japan. The pair continues to grind lower as it tries to keep the uptrend intact in the medium term. Recent jitters have found resistance at 161.00 as the RSI threatens to venture into the oversold area. A break below 158.40 could continue the downtrend and send the pair below 157.00, putting the Euro on a bearish extension. A bullish breakout could test last month’s high towards 164.00.
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