The WTI Crude Oil market fell significantly during the course of the session on Wednesday, but having said that the market still found plenty of support below, especially near the $56 handle.
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The GBP/CHF pair initially dropped a bit during the session on Wednesday, but found enough support near the 1.4650 level to turn things back around and break above the 1.48 level. I believe that this market is ready to go higher, if we can break above the top of the range for the session.
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Gold prices fell for a second day and settled at $1171.94 per ounce, losing $7.67, as strength in the U.S. dollar and a recovery in stock markets weighed on the market. Although ongoing concerns surrounding Greece lured some buyers back into the market, gold continues to struggle with multiple headwinds.
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The EUR/USD pair broke higher during the course of the day on Monday after initially gapping massively. Quite frankly, the fact that we gapped that low and turned back around to not only fill the gap, but to continue going higher is a very impressive sign.
We had a pretty strange day in the Forex markets, as we learned over the weekend that Greek banks were being closed in order to prevent a run as liquidity was going to be a serious issue. Because of that, everything ran away from the European Union and the continent in general.
The CAD/CHF pair is one that I like a lot because it represents a “risk on/risk off” type environment. That's wrong, I think it’s a bit harsh to consider the Canadian dollar a “risky currency”, but at the end of the day it is highly influenced by oil. Quite frankly, I trust Canadian finance is better than my own in the United States, but I digress.