By Orbex
USDCHF looks for breakout
The US dollar consolidates ahead of the Federal Reserve meeting.
The pair is grinding for support above 0.9160 after it gave up most gains from the November rally. Overall sentiment remains positive as long as price action stays above the daily support at 0.9100. The current consolidation is a sign of accumulation from the long side.
A close above the immediate resistance at 0.9270 would propel the greenback to the previous peak at 0.9360. On the downside, between 0.9160 and 0.9195 lies an important demand zone.
US 30 to test previous peak
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The Dow Jones 30 inches lower as investors look ahead to Fed’s aggressive tapering.
By lifting offers around the psychological level of 36000, a major resistance on the daily chart, the bulls may have turned sentiment around. As the index falls back in search of support, the RSI’s oversold situation may catch buyers’ attention.
A break above 36350 may resume the uptrend. Otherwise, 35620 is the closest support where buyers could jump in for fear of missing out. Further down, 34800 would be a second line of defense.
GER 40 seeks support
The Dax 40 treads water as major central banks are set to update their policies.
An initial surge above 15500 has prompted the bears to cover. Then the index found support at the 38.2% (15550) Fibonacci retracement level while an oversold RSI attracted buying interest. And that is a sign of underlying strength in the rebound.
A bullish MA cross indicates an acceleration on the upside. A break above 15840 may send the price to the all-time high at 16300. In case of a deeper pullback, 15300 is a critical level to keep the rebound relevant.
Article by Orbex
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