A Blog of Commentary and Ideas from an FXstreet Premium Member by 
Greetings, Everyone and Welcome to Wednesday!
We have certainly seen a highly ambitious Week so far… and despite numerous Examples of Appreciation around The Currency Units… we also see some Solid potential Levels of Correction that must be considered as well!
As we always observe… Nothing is Uni-Directional forever, and as we discussed in our prior Blog Update, these Levels are significant for those Traders who work with Counter-Trend, Fading, and Range-Bound Views.
The Larger- Macros on the way are U.K. Production and Trade Issues, as well as EIA Oil Inventories and Trade Balance out of the U.S… among other Data Point Releases, of course.
This time around, Let’s have a look at the USD/CHF, Gold, and Crude Oil.
Here are The Captures with Commentary above, so give them a Click for Various Levels of Reference.
Post-Time is 01:00 GMT.
The Hourly Swissy sees Deep Depreciation, as our “Dollar-Out-Of-Favor” Thoughts from our last Blog Update are very clearly illustrated in this Unit. We see a Tight Range now as price looks to Consolidation, as such a “Tight” IntraDay Area will see Energy builds Break soon.
A Rise back above Major Static Support at the 1.0870’s Area is needed to return a Neutral View… although it must be Held and continue to see Appreciation towards at least an Hourly Double-Top at the 1.0980’s L:evel. Bullish Sentiment returns with a Breach and Hold of the Area.
The Daily View of Gold is also Clipped with Macro-Bearish Sentiment… despite the slow but consistent Appreciation moving up the Lower-Channel Dynamic Support Trendline seen on Tuesday. Price may see more Downside Correction in the Near-Term, as a Fall back to the $940.50’s Static “Transitive Rollover” Area is very Near in Scope.
A Violation of the $970’s Area will assist in further Appreciation, but Gold really needs to see the $990’s Resistance Area with Confidence to reach the recent $1007 Highs that We saw back in February.
The Appreciation in Crude Oil, while Significant, still sees a slightly Slower Level of Momentum moving forward. While a Correction back to the $66.00 Areas is certainly possible… Bullish Builds may still enter in at this Area… as The Bulls look for the Coveted 38.2% Weekly Fibonacci Variant of the massive $147 Downleg of this entire Macro-Crisis.
The Weekly follows The Hourly in this Case.
From The IntraDay View, It is certainly advisable to Be Mindful of these various Areas… especially if Consolidation continues or begins as we Work through The Asian-Pacific Sectors.
Please join me around 6:30/7:00 GMT for the “Currency Majors Technical Perspective” Report as we move into The European Session, and of course… plenty of Updates to be seen as we move through our Day and Data Points as well!
I Hope to See All of You Soon!
