Summary:
- Bearish signal (bearish engulfing) on US500
- Silver broke out of the key resistance
- CHFPLN with a chance of breaking a consolidation
Starting with the American stock market index of the largest 500 companies, we could see a downward correction last week, which led to the emergence of a supply signal - the candlestick pattern of bearish engulfing. However, it should be taken into account that the exchange rate is above the latest highs and the trend is upward. The candlestick signal may be not enough, but there is a risk of a bigger downward correction. In order to make a bigger downward movement, the price would have to go below the last highs. Therefore, the key support should be the zone with 2960 handle. Despite the fact that Friday's session ended at its lowest point, there is no continuation of the downward movement. It should also be taken into account that the US is in the season of company result publications, therefore in order for a larger correction to occur, some disappointment would have to appear. 
US500 with supply signal at W1 interval. Source: xStation5
The second analysed instrument is silver which price has risen by more than 6% in just a few days. We have not seen such a large rally for a long time. Technically speaking, the key resistance zone determined by this year’s highs was overcome. As long as silver price is above that zone, we should assume a persistence of an upward trend. Currently, the price target for bulls should be located around 38.2% retracement of the whole downward swing (starting from the highs in 2016). The price was very close to these levels last week. In case of stronger upward move, the next resistance zone should be around 50% retracement. At the moment, it seems that bull side has the advantage over the sellers as the last rally was very strong. On the other hand, a downward correction can not be ruled out after such a strong move. 
Silver has broken an important technical resistance. Source: xStation5
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Open account Try demo Download mobile app Download mobile appThe last instrument in this analysis is CHFPLN. The currency pair has been moving in a narrow consolidation since September 2018. Currently, the exchange rate is at exactly the same level as upper limit of mentioned consolidation, so there is a risk of a possible price breakout. The resistance zone of 3.8600 is additionally confirmed by the Fibo retracement of 50%. Therefore, if a breakout occurs, the target for buyers should be at the next Fibo level of 61.8%. There is a lot of room for possible further increases, the mentioned retracement is located at the level of 3.9450 PLN. Of course, there is also a risk of the price fall, so with the final assessment of the situation should be made after the close of weekly cande. If the W1 candle closes above the level of 3.86 PLN, it will be a high breakout, while the reversal and upper shade will be an indication of a return to consolidation. 
A chance to break out of a consolidation on the CHFPLN currency pair. Source: xStation5
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