GBPUSD fall lower
Sterling maintained its reversal as talks over the Greenland saga appeared to cool. Despite an initial move towards 1.3500, sellers persisted, prompting short-term buyers to cover a 100-pip drop. A close below 1.3380 would signal a continuation towards 1.3340, potentially leading to a multi-month low. On the upside, 1.3480 is a fresh resistance level that could prompt buyers to return to the market.
USDCHF hits resistance
The US dollar sprang back to life but has seemingly met firm resistance. The pair’s break of the previous resistance at 0.7930 forced the latest sellers to scramble for the exit. However, the recent high at 0.7970 has met firm resistance, and the pair looks exhausted; a break above that level is needed to move higher towards the previous peak at 0.8040. Any chance of a prolonged reversal would see price action test the previous low at 0.7880.
SPX 500 index breaks higher
Indices were also on the rise after Donald Trump’s speech at Davos. The SPX 500 index jumped higher as prices quickly tested the 6900 level, almost filling the previous gap. 6970 at the previous peak is the next hurdle before the index confirms another record. As the RSI shoots away from oversold territory, a pullback could be necessary to give the spike some breathing room. 6800 would be the first support should a combination of sentiment shifting and fresh selling drive the quote lower.
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