(UPDATE) - GBPCHF broke above the channel and rallied up +80 pips before retracing. The market has created a new structure higher high point to confirm a continuation and momentum from the buyers. Traders still anticipate GBPCHF to reach 1.15780 before taking profits and as such, a corrective structure will provide more trading opportunities to the upside.
The recent developments in South Africa saw the ZAR dropping +-6% against the USD, from 16.8850 to 17.9513. Traders and investors are keeping a close eye on this market amid a possible resignation by the South African president regarding the Pala Pala farmgate findings. Recent reports suggests that the president was advised to fight this and has backing from some of his political allies, hence his speech is put on hold. From a technical point of view, USDZAR failed to break and close before the 61.8 fib level and caused the price to push up. The overall trend is still bullish and as such, a correction will confirm further upward momentum and trading opportunities.
(UPDATE) - GOLD has reached the target of 1800.00 and completed the bullish setup. At the moment the market is trading at the resistance zone and the top of the ascending structure where there could be possible sellers however, traders are waiting for patterns to indicate a reversal to the downside or momentum to the upside which will break above the resistance zones before looking for trading opportunities.