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Intraday Market Analysis – Dax nears inflection point

Intraday Market Analysis – Dax nears inflection point

USDCHF gains strength

The US dollar rose after stronger-than-expected consumer spending in September. At, it stopped falling. 0.9840 The 30-day moving average is close to the mark. Bullish RSI divergence indicated a slowdown on the way down. This indication in a demand area is important. With overall sentiment still pointing to the upside, the bulls’ may have been eager to load on the pullback. More buying interest may be attracted if the price closes above the previous supply zone (0.9950). Should the greenback recover, the rally might resume. 1.0050.

EURJPY edges higher

As the BOJ keeps its yield cap, the Japanese yen continues to struggle. A sharp fallback has given the euro some respite after it pushed past September’s high at 145.50Now, a new support. The support level of 143.80 at the bottom of a previous breakout has been solid, indicating strong interest in keeping Japan’s yen under control. It is possible that the current consolidation has only shaken weaker hands. If they can lift, the bulls may have the final word. 147.70. A runaway rally could send the single currency towards 1500.00

GER 40 key resistance tests

After data showed that the German economy had not suffered a contraction in Q3, the Dax 40 rallied. The index is…

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