Hello Traders,
Let’s hit the charts before we run off for the weekend:
1. CHF/JPY
CHF/JPY has spent the better part of Thursday trying to break through the gravitational pull of the consolidation band
On the daily time frame, this pair is still highly bearish, and in my opinion, price may just be getting ready for a reversal.
But, for us to conclude on the CHF/JPY continuing its bearish move, the consolidation band (117.681) has to be broken. If that happens, our next possible support level would be 116.996
2. XAU/USD (GOLD)
Gold has hit a key support level (1766.05) on the daily time frame. The last time price crossed this level upward was sometime around June last year, and the last time the bears broke this level was over 8 years ago.
This makes this level a very strong psychological level for both buyers and sellers. If we do get a reversal at this point and resistance level 1792.74 is broken, price may most likely head back to resistance level 1847.76
If the present support level gets broken, our next possible support level to get hit could be 1735.01
What say you?
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