MarketBreakdown | SILVER (XAGUSD), Dollar Index, EURCHF, CADJPY
Hey traders,
here is a brief technical outlook of 4 peculiar instruments on my watch list.
1️⃣ Silver (XAGUSD) - 4H time frame 🪙
Since the beginning of June, the market is consolidating.
The price is coiling around 21.8 - 21.88 horizontal support area.
It looks like the market is preparing for its breakout attempt.
If the market breaks and closes below that structure we may see a bearish continuation.
2️⃣ Dollar Index (DXY) - Daily time frame 💵
The index formed an ascending triangle formation.
If the price breaks its resistance to the upside, the market may start growing sharply.
Alternatively, a bearish breakout of its trend line may initiate a strong bearish move.
3️⃣ EURCHF - Daily time frame 🇪🇺🇨🇭
Strong supply area is ahead.
1.05 - 1.0515 is the zone from where I will expect a retracement.
Wait for a confirmation and be ready to short.
Alternatively, its bullish breakout will trigger a strong bullish movement.
4️⃣ CADJPY - Monthly time frame 🇨🇦🇯🇵
The market is currently approaching a key monthly resistance.
Taking into consideration that the pair is very overbought we might see a correctional movement from that.
❤️If you have any questions, please, ask me in the comment section.
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