Weekly Price Action Setups & Key Levels | May 14-19

Market Commentary (Dax 30)

​My Current Active Open Positions: AUDUSD, USDNOK, EURPLN, XAUTHB, AX_UN, BMO, RY

GBP/CHF – Testing MT support ahead of major resistance (Daily chart)

Gaining over 800+ pips over the last 2 months, the GBP/CHF has recently broken through a medium term key support level around 1.2850, now acting as support and now is being tested.

If this level holds we’ll likely see a move up towards the major resistance coming in at 1.3100 which can provide good shorting opportunities for LT bears. If 1.3100 does not withstand the bullish pressure, 1.3500 would be next in line.

In case the MT resistance folds on a re-test, next support levels in line would be 1.2600 & 1.2200.

Dax 30 – New all-time

... Keep reading