EURUSD remains bearish
It’s a week of calm in the fundamental landscape after a host of big news events in last week’s calendar. However, the dollar’s bullish progression continues after the Middle East crisis brought scattered, short-lived support. This has taken up much of the attention of the direction of the market as the EURUSD fell further. With inflation creeping higher across the board, we could have an earlier idea of which direction the pair will go next. 1.1600 is the top, and 1.1420 is a fresh support.
USDCHF capitalises on the greenback’s weakness
The Franc is another currency under pressure by the dollar as prices have jumped over 150 pips in recent sessions. The recent crisis underscored the fragility of the market, as a spike in geopolitical risk sent the dollar soaring, as investors await the next signal. Traders will now turn their attention to see if the psychological target of 0.8100 can be broken, or if the pair will reestablish itself below the previous swing low at 0.7900.
S&P 500 ignoring the crisis
The S&P pushed to another fresh high as tech stocks continue to propel the market. It seems investors have brushed aside the lingering geopolitical concerns and pinned their hopes on the Fed cutting rates in the 3rd quarter. If the economy avoids a recession, it should mean business as usual for the central bank, as this news would boost the US indices. 7650 is the next target to the upside, with 7000 being the closest support.
