Intraday Analysis - Friday, June 5

USDCHF sliding lower

The US dollar continues to feel the heat amid global trade tensions, as prices fell below the 07900 level.

• The pair has been grinding lower from a monthly high and is now targeting the next support.

• Another bearish run would prompt buyers to exit and open the way for a sustained move towards 0.7840 and then 0.7800.

• As the RSI creates a bullish divergence, 0.7930 is the first target higher for a potential recovery.

EURGBP hits support

The euro continues to fight back as the pair looks for some common ground with the pound.

• The pair initially fell away from the recent top at 0.8680 as price action sank towards the latest support.

• A break below 0.8630 would test the fresh low at the lower end of the 0.8600 area.

• On the upside, 0.8680 is the first obstacle to clear at the previous swing high to inject some optimism into the market.

GER 40 hitting key resistance

The Dax continued to recover as investors await the new phase of the U.S/Iran conflict.

• The price is looking to break the psychological tag of 25000, where a strong bearish candle threatens to reverse gains.

• Any signs of a retracement will find 24550, giving bulls some time to catch their breath.

• For a continuation higher, the index needs a break above 25500 to make way for a move towards 25800.