UK100 (FTSE) hitting multi-month lows
The UK100 (FTSE) was another index reeling from President Trump’s trade war as prices hit another fresh low. The index is looking to avoid losing further ground, as a bounce at 7600 prompted sellers to trim their positions, easing the downward pressure. With a bullish divergence emerging on the RSI, there could be a slowdown of the bearish rally in the near term. 7800 would be the first resistance hurdle, with 8000 on the horizon.
USDCHF continues to fall
The franc maintains its hold over the US dollar as the markets continue the fallout over the tariff saga. On the chart, a break past the recent double bottom at 0.8500 saw over 100 pips deleted from the pair. A touch at 0.8400 has seen some support, with sellers considering another charge. On the upside, 0.8460 is the first hurdle, and only a break above 0.8560 would turn things around, with a bullish divergence emerging on the RSI.
XAUUSD progressing further
Gold continues gaining ground from its recent slump after the much anticipated fightback begins. The price is striving to hold above 3000, with the RSI moving into the neutral zone. The bullish mood is still intact as price action looks for the next target towards 3050. The previous support at 3015 is the first level to see if bears will re-emerge, with 2975 being the second support.
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