USDCHF is back on the support. Found a bullish activity on the lower timeframe on the highlighted zone where we can expect a bullish reversal which can push the price back above the levels it breached earlier.
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Following weekly support formed is very important on this pair and I am expecting a further decline to appear on GBPUSD inorder to revisit the major support level. On the following support zone we have seen a significant amount of buying pressure which can be supported for a bullish reversal to form after visiting the supported area.
EURUSD is on the major support formed on the monthly base. Here the price has created a nice expanding channel but at the moment the price has followed a breakout on the lower boundary. We are required to see a confirmation of a move back inside the channel formed. Also this monthly support has a good potential of forming a nice buying pressure.
AUDUSD confirmed the breakout on the support and we may see a further decline in prices following the trend which can be revisited the key level highlighted.
If USOIL here confirms a breakout to the upside following the key level formed at 110 then we will see a continued bull trend which can achieve the targets at 116 and 129 respectively. For this we need a proper bullish breakout confirmation to be identified.
Gold is moving towards the support formed close to 1785 and here the bearish trend is expected to continue and reach the target. From the support we can see previous actions created a considerable amount of buying pressure around 1785 and also there we can expect the same to be repeated also following the trend line sketched up.
Keep and eye on the following key level for a breakout or reversal confirmation. As long as the trend is bearish biased we have a greater chances of seeing a bearish breakout than a bullish reversal. Previous bullish reversal has got failed and revisited the following key level with strong bearish action.
EURUSD is accumulating a super strong support area. A breakout to the upside will do a nice bull rally. Still we required to hold with patience for a confirmation.
If CHFJPY fails on the first support then we will be seeing a breakout and a decline on the prices which can drag towards the second support highlighted. Here I have also spotted a head and shoulder pattern where this remains uncompleted yet for the structure we are seeing on the chart itself.
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EURUSD requires a breakout to the upside on the resistance formed to continue the rally to the upside following breakout formed on the trend line for a decent correction of 38%-50%.
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