USDCHF: Recent downward moves in the USDCHF have retraced more than 61.8% of the rally that initiated at .9129 in June 13th towards the 0.9750 level that was posted on July 9th. July 10th was a huge sell off day and the CHF is continuing to strength against the greenback since. Weekly bias remain bearish tough indictors are at oversold extremes and the preferred strategy is to sell strength as long as we are below .9420 with target objectives at .9320 initially, which could act as near term support, followed by .9244. A move above .9420 would be a bullish signal and would target next .9475.
XAUUSD: Gold continues higher at the start of the trading week and closing yesterday his 4th day in a row higher. Gold is trading currently at 1333 which is strong resistance zone that acted as support earlier this year on April and May and is considered a pivotal point. A break above this level would target 1354 next followed by 1365. Alternatively if this level holds as resistance we could see the Gold come off back to 1302 levels and test it as support. A break below 1302 would target 1270 next.
SP500: The index closed last week his 4th consecutive week higher posting a new all-time high for the SP500. Indicators are at overbought extremes but a move below 1671 and a break of the raising trend line is needed to confirm initiation of a deeper setback for the index. Monday price action was minor in the index and buying the index at weakness is still the preferred strategy but an extreme caution is needed and as long as we are above 1671.
AUDUSD: The AUDUSD is struggling to break the monthly high at .9304 posted on July 11th. A move above those resistance levels with a strong momentum would target next the 0.9426 zone and could initiate a larger retracement. Alternatively a move below 0.9160 would turn bias back to negative and would target the 0.9034 zone first followed by 0.9000 area.