Gold – Gold rejected its 1162.99–1157.52 support area yesterday. The overall trend is still bearish at the moment thus we may not see a significantly rally from here but price could still potentially bounce from here and rally into its 1188.00 resistance level before moving lower. Aggressive traders may consider taking a counter trend trade at this very support area while conservative traders are recommended to stay at the sideline until price pullback to its 1188.00 resistance level and consider shorting it to trade in line with the longer term bearish trend.
Loonie Dollar – USD/CAD is currently trading at its 1.2560 resistance level. Price tried to break through this resistance level but price then snaps back below the 1.2560 resistance level. If price couldn’t break through the 1.2560 resistance level, we are then likely going to see price fell into its 1.2419 support level. However if price breaks above the 1.2560 resistance level, price is then likely going to continue to rally higher in the coming days.
Euro Swiss Franc – EUR/CHF performed a rejection at its 1.0523–1.0503 resistance area. We are still in a consolidation thus traders may consider selling short at resistance area and targeting the lower end of the consolidation for profit taking. However the rejection we have in EUR/CHF isn’t at the extreme end of the consolidation thus traders who are considering sell short this pair need to be more cautious on place stops and profit target. If price fell off from the 1.0523–1.0503 resistance area, we are then likely going to see price retest its 1.0301–1.0279 support area in the coming days.
Posted on 2015-07-03 07:23:44