DAX 40 Index (GER 40) continues rally
The DAX 40 Index popped even higher after firmly moving away from the 18000 level. 18500 is vital in keeping the upward bias intact from the daily chart’s perspective, or its breach could trigger a prolonged correction. 18850 is a fresh resistance, with 18650 being the immediate support as more buyers attract more buyers. All-time highs are in sight if the index can clear the said resistance, with 18900 the next target.
USDCHF breaks previous low
The US dollar continues to weaken as the Fed hints at further rate cuts beyond its next meeting. The pair is still majorly bearish, probing for support as buyers take some chips off the table. The recent bounce at 0.8400 has seen a slight pullback, suggesting that sentiment remains cautious at best. 0.8360 is a critical floor to keep the current rebound valid or risk a bearish continuation. On the upside, the former daily support of 0.8550 would be next in case of a turnaround.
XAGUSD tests major resistance
Precious metals have seen a surge in the past month as traders flocked to the safe havens. Silver has fallen back slightly after hitting the psychological level of 30.00, and this could be the ultimate test of buyers’ resolve. A bearish breakout would expose August’s lows near 27.00, invalidating the summer rally. An overbought RSI has brought in some sellers, with 28.50 being the first hurdle to clear should the bears manage to make their way back, and only a close below 29.00 would help attract more selling interests.
