Intraday analysis covering USDCHF climbing higher , USDCAD, and SPX 500, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
USDCHF climbing higher
The Dollar picked up the pace as prices bounced to another high. Inflationary pressures remain as the recent move attempts to close above 0.7850, which could lead to a longer-term bullish rally.
- The current support at 0.7840 could bring more buyers back into play.
- Another round of selloffs could send the greenback back to its recent bottom near 0.7800.
- Bulls will need to reach the recent top above 0.7910 to keep the momentum going.
USDCAD breaks resistance
The Canadian dollar saw further pressure as price action hit another peak.
- The pair has seen more buying interest as prices moved away from the 1.3800 level.
- A tentative break lower could dent the short-term optimism and trigger an extended sell-off with 1.3760 as a potential target.
- On the upside, 1.3840 is an intermediate resistance to maintain the rally.
SPX 500 jumps higher
The S&P climbed for another straight session as the US-Iran agreement rumbles on.
- As Treasury yields fell, stocks rose, with an emphasis on AI and tech.
- The jump above 7500 indicates sellers are bailing out, with that level now serving as fresh support.
- The psychological level of 7600 becomes the next target, as buyers attract more buyers.
- Any chance of a turnaround needs a 7200 test, with 7000 waiting on the horizon.
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