GER 40(THE DAX) ticking higher
GER 40(THE DAX)was recently boosted due to a jump in European stocks.
- Price action looks to capitalise on its break above the psychological level of 25000.
- The support-turned-resistance of 25225 could be sellers’ last stronghold as its breach would signal a bullish continuation towards 25600.
- As the RSI moves back into the neutral area, 24700 is a critical floor to maintain the rally.
USDCHF hits multi-month high
The US dollar hit a new peak as traders continue to believe higher inflation will lead to a change in the Federal Reserve’s monetary policy.
- Following a pop above the psychological level of 0.8100, buyers have not taken their foot off the gas.
- A break above 0.8180 would signal that buyers remain in control, opening the door to test 0.8220.
- On the downside, 0.8100 is critical to keep the momentum going.
GBPUSD remains bearish
Cable continues to grind lower as the sell-off continues from the past two weeks.
- The latest move has met some bids after bouncing off the latest support at 1.3300.
- 1.3380 is the first hurdle higher, and its breach could make the pair retest the recent high above 1.3520.
- Otherwise, a fall below 1.3300 would trigger a new round of sell-off below 1.3250.
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