Swiss Franc – USD/CHF performed a rejection at the 0.9355 support level on last Friday showing potential bullish run coming in. The short term momentum is bullish at the moment thus traders may consider buying into this market. Since this is the first pullback to support level after price made higher high on the daily time frame chart, price could rally through the 0.9538 resistance level thus traders with long position may consider scale out the position when price rally into the 0.9538 resistance level and leave the rest to run further instead of limiting the potential profits by taking profits at 0.9538 resistance level.
Silver – Yesterday silver rally higher during the early U.S. trading session but give back all it gains at the close of London trading session showing bears are still in the market and the bulls are unable to get through the bears at the moment. Price is still sitting at its 16.73 decision level. If price rejects this level, we could potentially see price rally higher but given the price movement we see in yesterday market, price is likely going to decline lower. However traders are recommended to wait for price to break last week low (blue horizontal line) before shorting this market for safer entry.
Aussie Dollar – AUD/USD rallied higher earlier today into its 0.7684 resistance level. Given that the long term and short term trend is still bearish, traders may consider shorting this market if price rejects this 0.7684 resistance level. If price break through this resistance level, traders may still look for shorting opportunity at the 0.7789 resistance level as it is still a valid and high probability resistance level for hunting shorting opportunities.
Posted on 2015-06-02 06:30:13