Good day traders,
Are we set for the first Wednesday of the week?..
Alright, let’s see what the charts have for us.
1. XAU/USD(GOLD)
Gold had a bullish day in the market today.
Price got to level 1208.02 before the present pull-back we are currently witnessing. If price consolidates below 1203.60, we may most likely see the bears take price to level 1192.64.
If price breakouts from level 1208.02 few hours before the UK session, the bulls may continue their upward movement.
2. USD/CHF
The U.S dollars is presently striking with the forces of King Solomon (In Wyclef’s voice…lol)
Swiss franc’s weakness has been carried over from last week, into this week. If the resistance level (0.98609) is broken before the close of the 10 pm candlestick. The bulls may continue their journey to level 0.99823 before the close of market on Friday.
However, if the current resistance level rejects price, we may see the bears take over price to a level below 0.97883
GREAT CAUTION needs to be implemented in both trades, as the current price levels are important.
Do have a great day ahead
