Hi Traders! US Session technical analysis November 1st 2017 is here. Its time to analyze the market and find out the best setups that market has provided for us. My analysis of some of the important currency pairs and commodities are as follows:
USDCHF Daily Chart:
On the daily chart we had two waves up and currently the second wave has reached the 61.8 fibo extension of the first wave and this level is being respected at the moment. We also have an uptrend line that has formed. If the bears take control from here then we may expect the price to move lower and and reach this uptrend line first and if we get a confirmed breakout of this uptrend line, then we may expect the price to move lower until the price reaches the 38.2 retrace of this entire double cycle. But we need to look for confirmations on lower timeframes.
Rather if the price moves higher then we may expect it to reach the 100 fibo extension level and then we may look for the retrace to happen after we get confirmations of bearish momentum.
USDCHF H4 Chart:
On the H4 chart we had a first wave down and currently it looks like a small correction is happening. Now we may expect the price to move lower and the second wave to form. In that case if the price moves lower then we may expect the price to reach the crucial zone (where the fibo extension 100 level meets with the daily uptrend line). Price has already broken the H4 uptrend line, if this turns out to be a valid breakout then this can be considered as a confirmation for the bearish momentum. If this turns out to be a false break then we may expect the bulls to take charge from here.
So in this case it is better to look for confirmations before we jump into any conclusion.
GBPUSD Daily Chart:
On the daily chart we have a first wave down and currently it looks like a correction is happening. We also also had a big bullish cycle and the 50% retrace of this bullish cycle is in the zone where the 61.8 and 100 fibo of the first wave is nearby. We also have a big uptrend line that has formed. If the price breaks below this uptrend line then we may expect the price to move lower towards the 50% of the big bullish cycle and a retrace to happen at the 61.8 or 100 fibo level.
Rather if this uptrend line holds then we may expect the price to move higher breaking above the high shown in the screenshot, then there is a good possibility for the bulls to take charge.
GBPUSD H4 Chart:
On the H4 chart the price is moving inside a range, this range is formed with by the price reaching the parallel support and resistance zones. Currently the price is at the top of this range. If we get a confirmed breakout at the top then we may expect the bulls to take control. Whereas if the price moves lower then we may expect the price to reach the bottom of this range first and if we get a confirmed breakout at the bottom then we may expect the bearish momentum to continue and the price to move lower than that.
USDCAD Daily Chart:
On the daily chart we have a double wave up. The second wave is currently inching towards 100 fibo extension level of the first wave. We also have a bearish divergence as a confirmation of the bearish momentum that is yet to come. Hence we may expect the price to retrace and the bears to take control once the price reaches the 100 fibo level. Rather if this level doesn’t hold and if the price moves higher then the next level to look for is the 161.8 fibo extension of this first wave.
USDCAD H4 Chart:
On the H4 chart we have a good uptrend line and the price has been respecting this trend line. Currently the price is near this trend line, if the price moves lower and if we get a valid breakout of this trend line then we may expect the bears to take charge. Rather if the price continues to respect this trend line, then we may expect the bullish momentum to continue further.
Silver Daily Chart:
On the daily chart we had a first wave down now we may expect the second wave to reach the fibo levels. The fibo extension 61.8 is the first level to look for, if the price doesn’t hold here then we need to look for the next levels 100 or 161.8 for the retrace to happen. Rather if the price moved higher then we may expect the bulls to take charge
Silver H4 Chart:
On the H4 chart the price which was moving inside a channel has now broke out at the top of this channel. The price has also broken above the last high now and this has turned out to be a valid breakout so we may expect the price to move higher from this level. Rather if the momentum changes then we may expect the bears to take charge and the price to move lower.
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Yours
Vladimir Ribakov
Thanks for the analysis. it makes me trade easily :.))
Thanks guys glad you enjoy it
Thanks for covering the US session here!
This is what exactly I was looking for….you are a great mentor Vlad
That’s a wonderful technical analysis Vlad