The CADJPY Performance

CADJPY dropped +300 pips.

CADJPY continued to drop after it broke below the previous support zone around 108.132 according to the previous commentary. This price action completed the bearish trading setup according to the descending structure as the targets were at the lows of the structure.

The market has created a lower low around 104.176 and has pulled back to test the resistance zone. Traders are still bearish and anticipate that CADJPY will continue to the downside. Therefore a break back below the lows of the structure will continue the momentum to the downside.

The USDCHF Performance

(UPDATE) - USDCHF has hit the target.

According to the previous commentary, USDCHF has broken above the previous resistance zone around 0.87654 and has rallied to the target and resistance zone around 0.88239. This price action completed the trading setup to the upside and traders are out of the market.

At the moment traders are sitting back and waiting to see how the market will react on the support zone before creating a trading plan however a break and close below the zone could see the market drop.

The XAUUSD (Gold) Performance

(UPDATE) - Gold has dropped 2.7%.

Gold rejected the resistance zone around 2035.36 and broke below the counter-trendline to complete the correction according to the previous commentary.

This price action provided trading opportunities to the downside and hit the target around 2007.00. The market is now trading below a significant resistance zone around 2007.00 and is close to the 78.6 fib level. Traders monitor how Gold will react around this level

before looking for trading opportunities.

Final Thoughts on Today’s Analysis

Recent market movements in CADJPY, USDCHF, and Gold (XAUUSD) provide key insights. CADJPY saw a significant -300 pips drop, adhering to a bearish setup. A lower low at 104.176 signals ongoing bearish sentiment, with traders monitoring a potential continuation upon a break below structure lows. 

USDCHF hit its target after breaking the prior resistance zone, completing an upside setup. Traders await market reactions around the support zone; a break below may indicate a reversal and subsequent drop. 

Gold (XAUUSD) dropped 2.7% post-rejection at 2035.36, completing a correction. Positioned below the 2007.00 resistance and nearing the 78.6 fib level, traders observe potential opportunities. Gold's future moves depend on reactions at key levels, reflecting a cautious market sentiment. Subscribe to our Youtube channel for more information.