Good morning traders. Persistent strength in DXC is beginning to weigh on the bearish view I have been tracking. Regardless, the forecasts below reflect a short-term view and are not as impacted by the longer-term forecast.
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 expecting a pause in the upside action after nice upside move overnight. For now, this pause appears to be just that, not the start of a sustained move lower.
- EUR/USD: Bearish initial downside target seen at 1.3405 followed by 1.3360
- EUR/CAD: Neutral to Bearish looks like Wave (ii) may have completed overnight at 1.4535. A break below 1.4500 suggests prices are heading lower with the first stop seen at 1.4480
- GBP/USD: Neutral to Bearish target zone from 1.6940 down towards 1.6907
- USD/CHF: Bullish to Neutral nice push higher overnight but prices are likely to stall around .9055-.9065 before a brief correction lower.
- EUR/GBP: Neutral to Bearish we are short from last night. Prices did rebound a bit but that appears to be within an acceptable move in a Wave 2 correction. I expect the .7920-.7925 level to cap this move.
Dave
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