Quiet economic calendar for Monday

During the session on Monday, we should have almost nothing as far as economic announcements they can move the markets, because quite frankly the employment numbers coming out of the United States of course are much more important than other economic announcements.

DAX tries to break out

The DAX tried to break higher during the course of the session on Friday, but struggled above the €11,000 handle. By doing so, we ended up pulling back in forming a bit of a shooting star which of course suggests that we are not quite ready to go higher yet. If we can break above the top of the range for Friday though, we are call buyers.

USD/CHF breaks out

During the session on Friday, the USD/CHF pair broke out and above the parity level. This is a significant event, and as a result we look at short-term pullbacks as call buying opportunities as we should be free to go much higher now. We have no interest whatsoever in buying puts in what seems to be a very bullish market.

Gold falls apart

The gold market fell apart during the session on Friday as the US dollar strengthened overall. We now look at short-term bounces as potential for buying opportunities. If we can break below the $1080 level, the market should go much lower, perhaps finally reaching towards the $1000 handle.