DAX Intraday: Continuation of the rebound

Swissquote Bank Research Team Swissquote Bank Ltd

DAX

Continuation of the rebound.

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Pivot (invalidation): 11450.00

Our preference
Long positions above 11450.00 with targets at 11540.00 & 11591.00 in extension.

Alternative scenario
Below 11450.00 look for further downside with 11410.00 & 11360.00 as targets.

Comment
The RSI is bullish and calls for further advance.

S&P 500

Key resistance at 2803.00.

Pivot (invalidation): 2803.00

Our preference
Short positions below 2803.00 with targets at 2775.25 & 2764.00 in extension.

Alternative scenario
Above 2803.00 look for further upside with 2814.00 & 2831.00 as targets.

Comment
The RSI is bearish and calls for further decline.

Author

Swissquote Bank Research Team

Swissquote Bank Ltd

EUR/USD makes a U-turn, focus on 1.1900

EUR/USD’s recovery picks up further pace, prompting the pair to retarget the key 1.1900 barrier amid further loss of momentum in the US Dollar on Wednesday. Moving forward, investors are expected to remain focused on upcoming labour market figures and the always relevant US CPI prints on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.