💵 💴 💶New Highs Again💵 💴 💶

U.S. stock markets continued their rise on Tuesday, with both the S&P 500 and the Dow Jones Industrial Average closing at new highs for the second consecutive day. Europe’s regional Stoxx 600 index rose by 0.65%. Stocks tied to China’s market and consumer sectors were among the top gainers, following the announcement of new stimulus measures by China. Goldman Sachs CFO Denis Coleman told CNBC that the U.S. Federal Reserve “could maintain a soft landing” because “inflation levels are dropping and unemployment is manageable.” However, JPMorgan Chase CEO Jamie Dimon expressed a “cautious stance” on the prospect of a soft landing in an interview.

China Supports the Rally

Asian stock markets and currencies continued their rally after the People’s Bank of China announced stimulus measures on Tuesday, including a cut to the interest rate on one-year policy loans. Industrial metals, including iron ore, continued to rise following PBOC Chairman Pan Gongsheng’s announcement of a broad package to stimulate the world’s second-largest economy. Gold prices also rose. Even before the latest measures, major Middle Eastern investors were channeling record amounts of capital into China, as other global firms pulled back. The Abu Dhabi Investment Authority (ADIA), along with Mubadala Investment, another fund from Abu Dhabi, participated in an $8.3 billion deal for the shopping mall management unit of Dalian Wanda Group. Still, while the latest cash injection may have bought China some time, economists believe President Xi Jinping needs to take further steps to pull the nearly $18 trillion economy out of its prolonged stagnation.

The Bitcoin Miner War is Over: Agreement and Announcement

The tension that began with a $950 million offer from Bitcoin miner RIOT Platforms in April appears to have come to an end for now. RIOT and Bitfarms have reached an agreement to end the acquisition discussions. According to statements from both parties, RIOT has withdrawn most of its demands towards Bitfarms and agreed to remain silent (without making new demands) until Bitfarms’ annual meeting in 2026, with some exceptions. RIOT also agreed not to acquire additional shares in the company without approval from Bitfarms’ board. Currently, RIOT holds a 19.9% stake, making it the largest shareholder in Bitfarms. As part of the agreement, RIOT’s demands were partially accepted. One of these demands was the resignation of Bitfarms’ co-founder, Andres Finkielsztain, from the board. Recently, RIOT succeeded in appointing its preferred “independent” CEO, and with Finkielsztain’s departure, RIOT has further solidified its influence.

Technical Overview

DXY

The Dollar Index continues to consolidate this week. The DXY continues to recover after finding buyers at the 100.68 support level. If it closes below this region with volume, the selling pressure on the index will increase. As long as it remains above the 100.68 support region, its momentum will be upward.

Resistance levels: 102.26 / 103.23 / 104.02
Support levels: 100.68 / 98.00 / 97.00

BTC/USD

Resistance levels: 64,290 / 66,148 / 68,350
Support levels: 62,487 / 60,000 / 56,600

ETH/USD

ETHUSD has broken out of its ascending channel, continuing to experience potential selling pressure. It continues to hover around the 2,600 level, having lost its horizontal major support. The 2,200 level should be watched as a region of strong support. For the uptrend to continue on the ETH side, it needs to close with volume above the major resistance level of 2,922.

Resistance levels: 2,565 / 3,000 / 3,364
Support levels: 2,200 / 1,700 / 1,052

NASDAQ

Resistance levels: 19,445 / 20,000 / 20,985
Support levels: 18,913 / 18,500 / 18,164

BRENT

Brent oil is seeing medium-term recoveries. Having regained its lost channel structure, oil continues its upward trend. If it reclaims the 76.98 level, it could price up to the 80.00–82.00 level. The 72.37 region stands out as the support level to watch.

Resistance levels: 74.45 / 76.98 / 79.84
Support levels: 72.37 / 71.00 / 70.50

EURUSD

EURUSD has broken its ascending channel resistance and managed to price above both horizontal and channel resistance. It has remained above the 1.0983 resistance region and reached our target resistance level of 1.114. It then lost the 1.11 resistance level under selling pressure, leaving behind a deviation and pulling back. The 1.0983 level stands out as the support level to watch in EURUSD.

Resistance levels: 1.114 / 1.130 / 1.135
Support levels: 1.098 / 1.088 / 1.080

XAUUSD

XAUUSD continues to trade above the 2645 resistance level after breaking out of the rising channel structure with significant volume. As long as it remains above this current resistance, the price is expected to maintain its upward trend. We should monitor the 2644 level as a key support zone.

Resistance levels: 2690 / 2720 / 2750
Support levels: 2644 / 2585 / 2527

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