UK 100 (FTSE) continues downtrend
The UK 100 (FTSE) remains upbeat while grinding along the current support at 8600, a sign that bulls are still eager to stay in the market. Even though prices are in a downtrend, a break above 8720 could mean another short rally similar to the recent move away from 8480. 8600 is a key level to keep the bounce intact, as its breach could trigger a broader sell-off back towards 8480.
USDCHF stuck in a range
The US dollar has witnessed a slight lift in price action even though the pair is in a range. After grinding the upper channel top at 0.8850, the greenback holds firm and hopes to remain above the support at 0.8800. A break above 0.8850 could begin the rally, as the daily chart shows the pair remains bullish. Any hopes of a drop need to break the said support before testing the previous swing low at 0.8760.
AUDUSD breaking critical resistance
The Australian dollar is looking to move away from the recent support, which saw the pair drop over 100 pips. The pair looks to break the previous high to open the door for a move above 0.6380. In the near term, with the RSI moving towards the overbought territory, prices are expected to slow down. 0.6630 has become resistance, and a drop below the 0.6260 area could see more bears selling into strength.
