Month: June 2023

Soybean (ZS) Testing Weekly Chart Descending Wedge Resistance

Soybean (ZS) is trying to gain for a 3rd straight day after a sharp reversal off a fresh 2023 low (just below the 2022 low), but is likely to see a bit of healthy consolidation in the next day or so. Any break above downchannel resistance (on the 4hr and daily chart) will likely have to wait until at least late week, and would dramatically reduce the odds of a test by Q3 sometime of the 2021 low (formed that November) near the 61.8% Fib retrace of the May 2019 to June 2022 bull market (as can be seen more easily on a monthly chart on tradingview.com)….

Coffee Daily Jun 5, 2023

Arabica Coffee (KC) slid 1.5% Friday after getting rejected at downchannel resistance (on the daily chart). Nevertheless, with last week’s weekly Doji recovering from the May low and the weekly close around upchannel support (on the weekly chart), odds are decent for another test of downchannel resistance (on the daily chart) sometime this week…

Coffee Daily Jun 2, 2023

Arabica Coffee (KC) bounced nearly 2.5% yesterday, gaining for a second day off the May low. KC has suddenly reclaimed upchannel support (on the weekly chart), and is increasingly likely to test downchannel resistance (on the daily chart) by next week sometime, with the original point of breakout in April above a prior triangle/downtrend resistance (on the weekly chart) serving as key support and reducing the likelihood of a further slide from the April high in the next week to the March low…

USDCHF Weekly MACD Positively Crossing

The USDCHF is consolidating just below the April high after last week’s decisive breakout above descending wedge resistance (on the weekly chart). Nevertheless, the bounce off the 2023 low and the weekly chart descending wedge support to well above the psychologically key 0.90 whole figure level appears to have formed a major bottom (as can be seen easier on a monthly chart on tradingview.com)…