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FTSE climbing towards 6800
A steady climb back to 6800 seems to be in order for the FTSE 100, although it is too premature to suggest that we are off back to the 6880 levels that have stalled progress so often.
In the short term 6813 becomes upside resistance, the bottom end of the trading range that had its top around 6875.
Meanwhile, on the downside, 6734.6, the lows of 17 June, is the level to watch. It appears the FTSE hasn’t met its Waterloo just yet.
DAX supported by 9920
The DAX continues to rise along its three-week trendline, which reinforces the view of another test of 10,000. Key support is building around 9920, with 9985 forming the first upside resistance.
On an hourly chart, the 50-hour moving average continues to rise, suggesting the short-term trend is moving higher, while the index remains at a comfortable distance from overbought levels.
Dow targets 16,940
Although it remains a small distance from the Tuesday high of 16,830, the Dow Jones appears to be holding up well too. It too seems to be on course to revisit recent highs, with 16,940-16,960 being the region to look out for.
Once the 200-hour moving average is breached to the upside, it would seem safe to say the brief dip is over. However, ahead of the Fed meeting tonight indecision will reign.