Good morning traders.
Has the Dollar Index (DXC) completed the correction off the July 20th highs?
Early signs say 'yes'.
Note: the Intra-Day FX Forecast highlights price direction and likely price targets/stops designed for traders looking at trading opportunities over the next several hours. These are not official trade recommendations, merely guidelines and forecasts, which are pretty darn useful each trading day.
Intra-Day FX Forecasts:
- Dollar Index (DXC): Neutral to Bullish prices have held what is now key support at 97.37 - looking for a re-test of the recent highs at 98.15
- EUR/USD: Neutral to Bearish yesterday's call for prices to stall into the 1.0950 level was spot on. The move lower thus far is not too impulsive looking but prices remain in a downtrend so best not to fight it. Below 1.0870 should add to the downside selling pressure.
- USD/JPY: Neutral to Bearish as clients know, this pair can trade in its own little world. That might be happening now. Technically the count is very clean and suggests that some more downside is to come (122.91?) before the trend higher resumes. This is of course at odds with the break higher this AM in DXC but consistent with a weak S&P 500. Looks like the S&P's are likely the better 'lead indicator' for USD/JPY presently.
- EUR/GBP: Neutral looks like this simple set-up I posted yesterday was not as robust as I thought it might be. Prices close to breaking below .6974
- USD/CHF: Bullish using .9531 as the stop-loss, looking for prices to move higher towards .9756
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