Intraday Analysis - Tuesday, July 7

USDCHF finds support

The dollar strengthened across the board as risk appetite remained volatile.

• The pair has seen price action slide in recent sessions before finding support.

• A move below 0.8020 would keep bears in the game by prompting buyers to reconsider after the bearish downturn for most of last week.

• 0.8130 is a fresh target ahead and could then lead towards a new high at 0.8180.

EURJPY hits resistance

The euro remains precarious after jumping over 100 pips, as sentiment remains upbeat, with the price grinding the mid-185.00 region.

• The pair will need to clear 185.65 to maintain the current momentum towards 186.00.

• Buyers will be worried if the overall sentiment turns bearish, should there be a heavy rejection.

• On the downside, 185.00 and then 184.20 need to be broken before sellers can realistically hope for a full reversal.

GER40 hits another higher high

GER40(The DAX) remains bullish even though prices have hit a slight retracement.

• A move away from the psychological level of 26000 has pushed the index into consolidation mode.

• After the RSI moved towards the neutral area, if the bearish momentum remains intact, a deeper retracement could send the price to 25500.

• On the upside, the recent peak above 25900 is a firm obstacle to keep the continuation going.