Hello Traders,
It’s another tricky Friday.
Let’s see if the market has a few pips to give us or are we going to close the week sitting on our hands?
1. USD/CHF
USD/CHF has spent the last three days being heavily bearish.
Currently, we are seeing support level 0.92526 getting all the pressure from the Bears.
A breakout is possible, and a pullback is very much possible too.
What we should be watching out for is the candlestick close on the daily time frame.
If we do get a convincing breakout pattern, then we may have hopes for price hitting 0.91811.
If not, then price may most likely retrace it’s steps to resistance level 0.93745
2. XAU/USD (GOLD)
Gold started off with a crazy Bullish run this week, however, we may see it slow down a bit as it hits the highest price level (1911.18) gold has ever reached in history.
The last time Gold hit this level was close to 9 years ago
My advice to traders would be to sit on a cozy couch, get some popcorn and your favorite beverage while watching this drama unfold.
A breakout of the present resistance level may spew over +1000 pips as a gift to a few smart traders who seize the opportunity to go bullish and a reversal at this point will most likely move over +1000 pips to a previous support level (1778.14)
In my opinion…,
Defensive traders, this is the best time to sit on the sidelines and watch closely.
Don’t forget that the Gold analysis is from the monthly time frame, so we may still have the entire next week to see what unfolds.
What are your thoughts?
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