During the session on Wednesday, we get a handful of announcements including the European Union CPI numbers, Japanese exports, and the Crude Oil Inventories announcement. With this, we think there should be plenty of volatility.
WTI Crude Oil
Crude oil has shown his proclivity to go higher regardless of the announcement. Because of this, any automatic reaction to the downside after the inventory figure could end up being a call buying opportunity. Currently, looks as if the $52 level is attracting a lot of attention by call buying traders.
USD/CHF
The US dollar was weak during the session on Tuesday, as the Swiss franc gained enough momentum to break above the parity level again. Currently looks as if the put buyers are in control, and that the market looks likely to continue the bearish position.
Gold
Gold markets continue to find call buyers every time it dips, so it was no surprise that the $1280 level has offered a bit of support. Ultimately, it will take a significant amount of momentum to break above the $1300 level, but pullbacks at this point look like they are being bought by call buyers.
