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Trading Strategy Of The Week - 10/21/2013 To 10/25/2013

GBP/USD

Price is located in two ascending channels, thus buying interest is strong. But since we are at the upper area of the bigger channel, it is risky to initiate new long positions. Therefore we will seek buying opportunities at lower prices.

Gold

Price is at the top of the descending channel which increases the risk of being long here, especially since we are near the Monthly Pivot area. It seems that Gold will experience a minor pullback to the sub-$1300 area this week.

USD/CAD

The 1.020 area should provide support for this pair. As long as we are below 1.0350 level, the odds favor this pair to keep going south.

USD/CHF

This pair is currently located at the intersection of the lower band and the bottom of the channel. Taking into account the bullish Crab formation, we favor a bullish scenario. Traders are advised to initiate long positions targeting the 0.9160 area.