GBPUSD closing a 4th day in a row lower, retracing most of the last 2 weeks gains. The cable has declined approximately 260 pips from monthly highs posted earlier this month at OCT 23rd at 1.6254, levels which the pound dollar couldn’t break early in the month as well. Price action has formed a double top at the monthly highs and we could see the GBPUSD decline further towards 1.5884. The bigger trend still remains bullish as long as the pair is trading above 1.5884. Significant Resistance is at Tuesday’s highs at 1.6149.
USDCHF closing yesterday’s trading day moderately higher, the USDCHF is climbing higher today at early European session. The pair has rallied 130 pips from the monthly lows posted last Thursday. Resistance is at 0.9021, a break above exposes 0.9074 next. Support is 0.8948, yesterday’s lows. The dominant trend is still to the downside but we could see a retracement towards 0.9145 in light of latest declines.
SP500 has rallied more than 130 points from the monthly lows posted on OCT 9th at 1645.63. The SP500 keeps breaking the all-time highs day after day. Yesterday the index closed negatively after posting a new all-time high at 1777.65 forming a bearish outside day, which may indicative for a beginning of a retracement to latest rallies. Below 1739.57 would confirm short term bearishness.