Summary:
- US500 at fresh ATH after a break a 3025 pts handle
- CHFPLN reached a key support zone at 3.86 PLN
- DE30 with a chance to move above 13 000 handle?
DE30
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Create account Try a demo Download mobile app Download mobile appThe German DAX (DE30) is trading at YTD highs after breaking above the 12 650 handle. From a technical point of view, bulls seem to be at an advantage as the latest weekly candlestick has a wide body and no shadow. The way towards resistance at 13160 pts may have been open. As long as the price remains above the aforementioned 12 650 pts handle, continuation of an upward move looks to be a base scenario. Comparing the current impulse to the previous one, DE30 may even reach 13 550 pts, where one can find an all-time high. On the other hand, a break below the 12 470 pts handle could trigger a bigger downward move, but this seems unlikely for now.
DE30 W1 interval. Source: xStation5
US500
The US stock index, S&P500 (US500) reached its fresh ATH after breaking above the resistance zone at 3025 pts. A break higher confirmed an upward trend. If current sentiment prevails, the upward move could be extended to the 3070 pts handle or even 3127 pts, where one can find a potential reversal point of harmonic XABCD structure. To talk about a downward move, the index has to pull back under 3025 area. Should it do so, the downward move could deepen towards the next support at 2940 pts.
US500 D1 interval. Source: xStation5
CHFPLN
Last but not least, let’s look at the CHFPLN currency pair. Looking at the weekly interval, one can see that the pair reached the upper limit of a key support zone. The area marked with green colour at 3.8550 PLN is marked with the 61.8% Fibonacci retracement and the upper limit of the earlier-broken consolidation range. Buyers could use this place to start a new upward impulse. One should keep in mind that the current downward was triggered by a double top pattern and it may still exert selling pressure on the pair. A break below the current support zone may trigger the downward move towards the next Fibonacci retracement at 3.80 handle or even recent lows at 3.73.
CHFPLN W1 interval. Source: xStation5
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