USDCHF stuck sideways
The US dollar remains bullish after bouncing over 50 pips from last week’s reversal.
- The next step now is to break the new resistance at 0.8150 before a full rebound can materialise.
- A failure to break higher would indicate exhaustion after a mid-term rally, pushing prices lower.
- Buyers could then be forced to bail out, triggering a new round of selling past 0.8060 and down to the recent bottom at 0.8000.
EURGBP hit a rejection
The pound hit back against the euro as the next UK Prime Minister was announced.
- A latest Doji candlestick at 0.8510 is a show of rejection and could lead to another move lower.
- A pullback to the base of the bullish momentum at 0.8460.
- 0.8530 is the latest resistance where a bullish continuation can occur if a break here is validated to send prices towards 0.8600.
US 30(The dow) popping higher
US 30(The dow) saw a slight pullback in its recent bear rally as investors remain focused on the next step in the Middle East conflict.
- The index is still striving to hold onto its gains after lifting the key daily resistance of 52200.
- A fall below 51800 will put the short-term bulls on the defensive, leading to more profit-taking as they are likely to step aside.
- 52500 is the target to turn momentum around and get the Dow back on track for another potential record.
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