Dax Index (GER 40) looks for recovery
The Dax Index continues its choppy nature after rising again from the lower 18000 area. The price action continues, capitalising on its break above the psychological level 18500. As the RSI drops back into the neutral area, 18150, near the base of the bullish breakout, is the first level to expect follow-through bids, while 1800 is a critical floor. Another test at the peak 18750 would first need an 18650 break for a full recovery.
USDCHF bounces higher
The US dollar triggered a recovery after bouncing from the lower 0.8800 region. Following a pop above the psychological level of 0.8900, a brief pullback has been contained. A break above 0.8960 on the 20-day SMA would signal that bulls have regained control of price action and open the door to 0.9040 at this month’s peak, a last step before a broader recovery in the medium-term. On the downside, 0.8820 is critical in keeping the rebound mode intact.
GBPUSD falls from peak
Cable finds some support after falling over 100 pips. The latest retracement has met bids in the congestion area formed by the daily resistance–turned-support of 1.2850. If it emerges, a bullish RSI divergence would indicate a slowdown in the sell-off momentum. 1.2900 is the first hurdle, and its breach would make the pair retest the recent high of 1.3020. Otherwise, a fall below 1.2800 would trigger a new round of sell-off towards 1.2650.
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