UK 100(FTSE) struggles for direction
The UK 100(FTSE) edges higher as traders look at a complete reversal from this month’s sell-off. The index looks to continue the recent trend as prices search for 8800. A correction could be taking shape following a shift in fundamental sentiment. The RSI’s overbought condition has attracted some sellers, which could dampen a meaningful recovery. A fall below 8600 could prompt bulls to bail out, triggering a liquidation towards the daily support at 8480.
USDCHF spikes higher
The Swiss franc remained on the front foot even though the dollar had a slight bounce back. On the chart, a close above 0.8800 and a bullish divergence on the RSI shows that sentiment could be turning around. The latest downward move came to a halt at 0.8750, which led to a higher bounce, and a close back above 0.8865 would pave the way for an extended rally towards 0.8920.
USDCAD turning around
The Canadian dollar gave up some of its progressive gains as prices found some support at the mid-1.42 region. The pair is looking for a wave higher, as impulse buying has seen a move towards 1.4400. Added to that, the recent move into the neutral area for the RSI has added to the bullish sentiment. A decisive break above 1.4380 would trigger a runaway rally and continue the uptrend in the near term.
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