Intraday analysis covering NZDUSD, USDCHF hitting a new high, and S&P500, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
NZDUSD stuck in a descending channel
The New Zealand dollar attempts to claw back recent losses after hitting some support. The pair has recently struggled against the greenback, which saw over 100 pips wiped off the currency.
- The bulls’ failure to push higher would make the kiwi vulnerable to a broader sell-off.
- A break below 0.5920 could attract more momentum sellers towards 0.5850.
- The level of 0.5970 is the next upside target.
USDCHF hitting a new high
The US dollar looks to continue higher after breaking through the 0.7800 level. The recent move has continued its momentum with the price looking to test the 0.7840 area.
- Near-term sentiment remains upbeat following the daily resistance breach.
- Bulls are likely to buy into strength for a move towards the 0.7900 zone.
- A fall below 0.7770 would confirm weakness and expose the greenback to a decline past 0.7740.
S&P500 bouncing higher
The S&P 500 continues to exceed expectations as heavy tech companies report progressive earnings. The price is now grinding a key resistance zone around 7500.
- On the other hand, offers could be expected from those who sold high.
- An initial break below 7200 could signal a downtrend.
- 7000 is a crucial level to keep the rally intact in the short term.
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