COPPER 4 HOUR
Copper is at new highs and again testing channel resistance. Be aware of the potential for failure up here again. If strength persists then know that the 2017 high is at 3.2220. A push above there would put copper at its highest level since 2014!
Near term USDTRY subdivisions are clear from a wave standpoint. This bounce is probably a small 4th wave. Ideal resistance is the former 4th wave high at 7.8920. A rally to there would present a chance to short for a drop to new lows with 7.3950 or so (former resistance) as the next level on the downside.
USDCHF 4 HOUR
USDCHF pulled back to proposed support and bounced today. Support near today’s low is reinforced by VWAP from the CHF high (USDCHF low…see futures chart below). Strength above .9200 would constitute a breakout worth chasing. Until then, I’m on the sidelines.
11/12 – I don’t look at USDCHF often but there isn’t much to look at today so let’s give it a shot. Price reversed sharply higher from the bottom of the channel that originates at the 2019 high and the rally is impulsive (see hourly chart below). Proposed support is .9190-.9105.
SWISS FRANC FUTURES HOURLY
USDJPY 4 HOUR
Like USDCHF, USDJPY is trading around proposed support. Also like USDCHF, a clear breakout level has is defined. That level is a nearly 5 month trendline near 105.30. I favor buying a break above that level. In the meantime, pay attention to 104.12 (61.8%) if reached for support.
11/15 – USDJPY has dropped into proposed support and the decline in proposed wave C is impulsive and therefore possibly complete. I am looking higher in USDJPY now. I’ll wait for active hours before deciding whether or not to enter. Stay tuned.
Cable traded into the noted resistance zone today and rolled over. A very short term trendline is in line with the 200 hour average near 1.3165. A break below would warrant a short position with focus on 1.3000 initially.
11/15 – GBPUSD followed through on the short term reversal evidence last week before bouncing back on Friday. Proposed resistance is now 1.3234/62. The bottom of the zone is the 61.8% retrace and the top of the zone is the noted high volume level from last Wednesday.