USDCHF Retesting 61.8% Fib Retrace of Apr-Jun Slide

The USDCHF is trying to halt the consolidation since the beginning of the week, with a decisive rebound coming as early as today following the SNB’s Monetary Policy Assessment and rate announcement at 330am EST. Significantly, the USDCHF found support yesterday near the July and August highs and the 61.8% Fib retrace of the April to June slide, with any reclaiming before the weekend of last week’s high to trigger an extension of the upchannel (on the weekly chart) for next week…

Natural Gas (NG) Weekly Chart Bearish Island Reversal Trying to Form

Natural Gas (NG) is trying to stabilize after yesterday’s 3% plus tumble and a 4 day slide from last week’s fresh 2021 high. Significantly, NG appears to be trying to form a Bearish Island Reversal on the weekly chart, where an extension of the current weekly candle body lower to near last week’s weekly candle body low increases dramatically the likelihood for another red weekly candle next week…

Cocoa (CC) Consolidates Just Above Key 2600 Level

Cocoa (CC) consolidated for a 3rd straight day yesterday with its daily Doji, continuing to gear up for a retest of last week’s 2021 high. Significantly, CC has been trying to extend its Bull Flag (on the weekly chart) from near the psychologically key 2600 whole figure level and prior downchannel resistance (on the weekly chart), with bulls increasingly eyeing the 2020 high formed in February by year end…

Gold (GC) Reclaims Key 1800 Level

Gold (GC) is digesting yesterday’s reclaiming of the psychologically key 1800 whole figure level, as part of a massive consolidation since the August 2020 record high. Significantly, for bulls to see renewed, sustainable momentum to the upside, they’ll want to see GC break above the July and August highs as a start, which would dramatically increase the odds of a swing in the few weeks after to the weekly chart downtrend resistance line connecting the November 2020 high and January 2021 highs…