Good morning traders. This week has seen us looking for the completion of a bullish move in the Dollar Index (DXC) and it has been agonizingly slow. However, with the move higher overnight, we are now clearly in an area where we could see prices reverse.
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
North American Short-Term Outlook:
- Dollar Index (DXC): Neutral to Bearish as of now I have isolated the likely resistance area at 81.03-81.06. Let's see how that level reacts to prices. Looking for a reaction lower.
- EUR/USD: Neutral to Bullish the mirror image of DXC. Looks like I can now fine tune the downside support/target are at 1.3427 - looking for a reaction to the upside from there.
- EUR/CAD: Neutral to Bearish I was expecting more of a move to the upside (correction) but given that prices are grinding higher, it seems like this move higher will be short-lived. That said, I am looking at 1.4500 as an area to consider getting short.
- AUD/CHF: Neutral to Bullish from yesterday: I want to see prices correct a bit lower towards .8500-.8480 before getting long. A break below .8447 negates the bullish outlook. Now, let's get that catalyst to push prices higher as the forecast support level is holding in well at present.
- USD/CHF: Neutral to Bearish looking to mimic the movements in DXC, let's see if .9054 can cap this move higher and force prices lower.
Dave
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