US Consumer Confidence Hits A 15 Year High
Seeking Alpha Analyst Since 2015
The view is unchanged as the festival mood is here and we also draw near to the year close. Prices have shifted into a consolidation mode and bears are looking to break below the 1.0427 after ascending to the 300 MA and being kicked off this level. The immediate support is the 100 and 200 MA.
USD/CHF is also in a range play between 1.0314 & 1.0221 as the upper band and between 1.0296 & 1.0242 as the lower band. Price bounced off the upper resistance of the lower band yesterday and is clinging back to this resistance today. USD Consumer confidence increased to the highest level in the last 15 years and has given a lot of fuel to the USD which will be used as a driving force in the coming year. This will enable the USD/CHF to reach new highs in 2017. Going long on the above mentioned supports will be fruitful.
Prices on Gold inched a bit higher after a weekly doji which was few pips above the long term ascending trend line. In case of a retracement, Gold will reach the 23.6% fib located at 1182. We will wait patiently to see if the price pulls down and picks up our pending long order or retraces back to give us another opportunity to sell Gold. The volume is quite thin across markets and it's a season of relaxation for we Traders.
The storm will start soon and then our seats will turn Hot.
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