( SPX 500 ) The S&P aiming for another record
( SPX 500 ) The S&P rallies as an upbeat sentiment continues to push the index higher. A close above the psychological level of 6900 suggests that buyers remain in the market. However, as a medium-term bearish divergence in the RSI lingers, analysts look for a correction, with 6800 as the first target and critical support. 7000 remains the target ahead as prices look to continue the move higher.
USDCHF spikes higher
The dollar is attempting to find some firm support as traders digest Donald Trump’s latest State of the Union address. An initial pop above 0.7750 has prompted short-term sellers to cover some of their positions. 0.7800 remains a tough level to crack for the time being, and 0.7620 at the base of the recent push is a key support to keep the rebound intact. Its breach could trigger a new round of selling and push the greenback below 0.7600, confirming a bearish continuation.
EURJPY choppy upswing
The Yen battles against the euro after underwhelming economic data from Japan. The pair continues to grind higher as prices try to keep the medium-term uptrend intact. Recent jitters have found resistance at 184.80 as the RSI remains in the overbought area. A break below 184.00 could continue the recent downtrend and send the pair towards 182.00, putting the euro on a bearish extension. A bullish breakout could test last month’s high towards 185.50.