Hello Traders,
It’s the first mid-week of the month. Let’s see what the charts have for us.
1. USD/CHF
On the USD/CHF, price is currently testing resistance level 0.89801.
Judging from the strength of the USD since the trading week began, my bias is that the 0.89801 resistance level with get broken, and if it does, price next target would be 0.90899.
In my opinion, it is also important to wait for the close of the daily candlestick before concluding on the above analysis.
2. XAU/USD (GOLD)
Since the beginning of the year, gold has been playing within the 1825.02 – 1873.99 level
With the weakening of the USD, are we going to see support level 1825.02 get broken, or is price going to bounce off 1825.02 as it has always done in the past?
If support level 1825.02 is compromised, we may most likely see price head to 1773.19 as the next possible support level.
If price also bounces off the current support level, we will most likely see price revisit resistance level 1873.99
If you ask me, my bias is that 1825.02 will most likely not be able to hold price as it has always done
What say you?
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