No change in the markets as the range trend is still intact. In addition the VIX index remains low, US 10Yr Treasury note is high and the dollar index remains flat for now. All of this indicates that the range trend will continue during the day.
The European currency tried to break below its 1.3550 support level for the second time but failed. Its now trading back around 1.3620 and is likely to trend lower again during the next few days. Our target of 1.3430 remains intact.
UK Industrial Production news released today was worst than expected -0.9% vs 0.9% last month causing the British Pound to fall trading below its1.5000 support level towards 1.48. The pair is likely to continue this down move once we see a clear daily close below the 1.5000 psychological resistance now.
USDCHF didn't move that much and as its still trading in the range trend we mention in our previous daily reports between 1.0730 and 1.0800. The pair is likely to regain above 1.0800 again targeting 1.0850 and 1.0890.
Gold made another correction yesterday from 1108 to 1127 USD per ounce which represents another short term strong resistance. Its back trading around 1120 USD per ounce. Gold is likely to remain under pressure with target of 1110 and 1090 soon.