WTI Crude Oil(Click on image to enlarge)The has fallen during most of the week, but it is worth noting that Friday was extraordinarily . Because of this, I think there’s an extreme likelihood that we do bounce from here. The $80 level above continues to be a bit of a barrier, so I think it might be difficult to overcome in the near term. However, if we can break above the $80 level, I think that the could go looking to the $85 level before it is all said and done. Silver(Click on image to enlarge) has been all over the place during the course of the week, as it culminated with a move above the $32 level, and then turned around to fall rather precipitously. By doing so, it looks like we are getting a bit exhausted, but I still think that there are plenty of buyers underneath that would get involved. After all, the market will continue to favor the upside as we have been in an uptrend, and therefore I think that continues to be one of the main drivers, right along with the $30 level in the $28.50 level being support. DAX(Click on image to enlarge)The initially fell during the week but turned around to show signs of life again. This suggests that perhaps there are plenty of buyers underneath then we will continue to see the market look at this through the prism of trying to find value on each dip due to the massive uptrend that we have been in for some time. With this, I believe there is massive support at the 18,250 level, followed by the 18,000 level, which of course assumes that we do fall. I think given enough time we will go looking to the 20,000 level above. GBP/CHF(Click on image to enlarge)The British pound has continued to show strength against the Swiss franc for the 2nd week in a row, so now I think it’s pretty obvious that what you are looking for is some type of value to take advantage of. should continue to see plenty of support near the 1.15 level as the differential continues to favor the British pound overall. The sits just above, but I don’t necessarily think that it is a huge deal with this point. EUR/GBP(Click on image to enlarge)The euro has plunged during the course of the week against the British pound, but it’s worth noting that we did stop at the 0.85 level. This is an area that has been important multiple times so to be interesting to see if we turn things back around. This is an area that has been massive support, so it’s not going to be easy to below, despite the fact that we seemingly have attempted to do so multiple times over the last year or so. A rally at this point does make a certain amount of sense, but it would be difficult to get above the 0.86 level at the moment. USD/CAD(Click on image to enlarge)The US dollar has rallied during the course of the week, reaching toward the 1.38 region before turning right back around against the Canadian dollar. The 1.36 level underneath should continue to offer plenty of support as it was previous resistance, and therefore I think the market will continue to see plenty of value hunters coming back in, and therefore I think it is probably only a matter of time before we rallied again. However, if we were to break down below the 1.35 level, we could lose another 100 points before fighting support after that. CAC(Click on image to enlarge)The fell during most of the week, but we did recapture the €8100 level and assigned that perhaps the buyers are willing to come back into the market based on value. Ultimately, the €7900 level should be a major to pay close attention to, and at this point in time I think it represents a lot of value. If we can continue to go to the upside, then I believe the €8200 level would be worth watching, because it is the gateway to much higher pricing. EUR/JPY(Click on image to enlarge)The Euro has rallied significantly during the course of the week against the Japanese yen yet again, as we continue to see the interest rate differential play out in the marketplace. Ultimately, I think this is a market that you need to be very on, because it is probably only a matter of time before we continue to go higher. Short-term pullbacks continue to offer value and therefore I think we continue to buy those dips and take advantage of the Bank of Japan being stuck.More By This Author:EUR/GBP Forecast: Testing SupportUSD/JPY Forecast: USD Climbing Against YenGBP/JPY Forecast: British Pound Continues To Grind Higher Against The Japanese Yen
Pairs In Focus – WTI Crude Oil, Silver, DAX, GBP/CHF, EUR/GBP, USD/CAD, CAC, EUR/JPY
