Forex Trading Long on GBPCAD; Short on EURGBP. Range Trading AUDUSD. Silver (XAGUSD) in Falling Wedge at Support.

In today’s GCI Market Outlook, let’s take a look at Forex Trading on GBPCAD, EURGBP, AUDUSD, USDCHF, and Silver (XAGUSD).

We see silver in a falling wedge, which is usually a bullish pattern.

Price action is at this key level of support at $29 with the stochastic oscillator heading down.

Looking at the big picture on the daily chart the bullish concept doesn’t seem so far-fetched now with price action reaching the lower trend line.

Let’s wait for confirmation of a move to the upside and some bullish indication from the stochastic oscillator.

Right now it is in harmony with price action.

A similar situation is happening with CHF as we see USDCHF in a bull run from the beginning of the year.

It hit resistance last month corresponding with this double top from 2023, it reversed to the downside to support last week, and also 2023.

Also, this level of support is the 61.8% Fibonacci level so we will watch for a break or a bounce.

We see CHF strength on every pair and this is significant as we see an SNB Interest Rate Decision due on Thursday.

If they decide to cut rates or hint at this in the statement, this may end CHF strength.

Tomorrow the RBA and the BoE will also decide so be careful with the AUDUSD range trading opportunity we spotted last week.

Today we see GBPUSD trying to break support.

A long opportunity on GBPCAD.

And a short opportunity on EURGBP and we will wait for confirmation on both.

We will look at the GBP situation again on Thursday.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.