EUR/GBP pair looking for a lift
The EUR/GBP pair stopped the rot as a recent consolidation helped the euro bounce away from the 0.8400 level. A jump above 0.8450 will show buying interest in keeping the euro’s edge after it spent the majority of August in a downward channel. 0.8540, right under the recent peak, would be the last obstacle, and its breach could put the euro back on the rebound trajectory in the next few days. In the meantime, the pair needs to consolidate its gains above the significant floor of 0.8400 to keep the upward impetus intact.
USDCHF bounces higher
The US dollar saw more of a bounce after progressive manufacturing data. The pair has been looking to hold onto its gains after a jump above 0.8500, turning this into a tested support level. A further bullish breakout would pave the way for an extended recovery to 0.8650. On the downside, a fall below 0.8460 would indicate weak buying interest and send the pair to the previous support at 0.8400.
GER 40 reaches record close
The Dax maintained its bullish run as the index hit a fresh closing high. The index attempted to pass the 19000 level but could see a slight pullback with a continuous overbought RSI, indicating a slowdown. A drop below 18650 would signal lingering weakness, and the bears could double down and send the index lower.