February 2nd Daily Trading Opportunities

With the Initial Jobless Claims coming out, the Construction PMI numbers coming out of the United Kingdom, the interest rate decision coming out of London, and several other mid-level announcements, today could be an interesting trading session.

WTI Crude Oil

The crude oil markets continue to chop around the $53 level, and within the larger consolidation area. It looks as if there is massive support at $51 underneath, and extending all the way to $50, while there seems to be massive resistance at $54 and extending all the way to $55. In the meantime, call buyers and put buyers will both be active in this market, leading into short-term back and forth type of trades.

USD/CHF

The US dollar bounced slightly against the Swiss franc on Wednesday, as the 0.99 level attracts a lot of attention. A break above the 0.9950 level could have the call buyers trying to reach parity again. Alternately, a break below the 0.95 0 level should have the put buyers active yet again.

Silver

Silver markets pulled back slightly during the Wednesday session, but quite frankly have broken out. Because of this, pullback should continue to offer value for call buyers, as the $17 level will more than likely be very supportive going forward.