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Daily analytical report (11/05/17)

  • It looks like the correction of the safe haven assets and the USD has finally arrived. Obviously, it is not a trend reversal yet but when spotted early enough, it can still be a decent trading occasion, even if it won't last long.
  • USDJPY after triggering a buy signal with a bullish breakout of the flag, now gets ready for a correction. It is a good time for that, especially when only 2 out of the last 12 days were bearish and that we are exactly in the middle, between the important mid-term resistance(115.4) and support (111.9).
  • USDCHF is having a very similar situation. We also have a flag but it seems somehow stronger with the additional help of this iH$S pattern. Here, this would be the first bearish day of the week and there is no doubt that it won't deny the overall positive sentiment in any way.
  • Silver is also taking some time off today and buyers can finally catch their breath. The last three weeks have been tough for them and they will probably now be allowed to retest the recent up trend line as the closest resistance (black). For now, this upswing seems like the maximum amount of effort they can handle and, moreover, will be allowed to make.

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