Happy Martin Luther King day to our friends in the United States!
With that said, today is a bank holiday in US so there might be a little less volatility on the US Dollar, US Indicies and general stock market... but in reality that never stopped us from earning pips :) Nor will today's bank holiday!
News wise there is literally nothing coming out so let me share 2 quotes from Mr. King instead which can be used to make us better traders!
"Science investigates; religion interprets. Science gives man knowledge, which is power; religion gives man wisdom, which is control. Science deals mainly with facts; religion deals mainly with values. The two are not rivals."
> Separate the above with fact and probability and you get a balanced trading mind <
"The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy."
> Losses are more important than winners, because if you can keep them small and manageable your already 80% there! <
Now, overall we do have a big and busy trading week with the Central Banks taking center stage so today is the calm before the storm, the day we warm up and prepare to rock and roll!
Key Trading Levels
Moving on to the charts, in this report we will only focus on assets that are at key trading levels using the DC indicator on the daily charts on the assets in our watchlist.
With trade negotiations in full force between the EU and UK and Trump promising a big trade deal with the UK once Brexit is over the GBP could be forming or even... continuing a trend!
Price action is currently testing the important 1.29757 / 1.29355 support range
USDCHF: Price action broke out and is retesting a strong resistance, which might just indicate that Gold could be going up and some more tensions could be coming to our world.
Since CHF is a safe-heaven currency and its showing chances of a bullish move (bearish USDCHF)
USDCAD: Breakout and resistance retest on this pair indicate that we might see a stronger CAD this week... if the resistance holds of-coruse!
Remember: We do not execute trades on daily charts nor do we try to predict the long and medium price ranges of assets and currencies.
It is very important that we know key trading levels, patterns on daily charts and the overall trend but that is pretty much it.
Since today is a light day our team will focus on creating educational content for you all.