With the Crude Oil Inventory number coming out during the day, obviously we will be watching petroleum. But we also have other announcements that could move the market such as Initial Jobless Claims coming out of the United States and of course German CPI which can give us quite a bit of action in the European Union as well.

DAX

The German index initially tried to rally during the day on Wednesday, but pulled back slightly. We are getting close to the top of the consolidation area so pullback does make sense. Ultimately, it very well could find out that there are plenty of cold buyers below and they are simply waiting for value to take advantage of.

WTI Crude Oil

The inventory numbers expected to come out with an addition of 286,000 barrels will be the focus of the day. Because of this, we are of course watching this market and recognize that pullbacks could offer value the call buyers take advantage of. We also see quite a bit of support near the $49 level.

USD/CHF

The USD/CHF pair broke above the 0.99 level during the day on Wednesday, forming a fairly positive looking candle after an impulsive candle to the upside on Tuesday. With this being the case, you have to believe that every time we pullback will call buyers will jump into the fray and continue to push higher. Expect resistance somewhere near the 0.9950 handle.