Traders, yesterday's forecasts played out quite well. If you are inclined to take shorter-term trades, you had a good day.
I expect some consolidation today after those nice moves, but it remains clear that the USD bulls retain the upper hand so don't be too quick on giving up on dollar longs.
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
Intra-Day FX Forecasts:
- Dollar Index (DXC): Bullish to Neutral from yesterday: 97.34-97.46 seen as the upside target zone. Prices still working higher towards 97.73 before some consolidation/corrective action lower.
- EUR/USD: Bearish sideways chop should allow for prices to break below 1.0862 then towards 1.0838 and perhaps lower.
- USD/NOK: Bullish to Neutral from yesterday: Targeting in the near-term 7.7825.While 7.7825 has not been hit....yet, yesterday's analysis allowed clients to catch a really solid long trade.
- USD/CHF: Bullish as long as .9455 holds, looking for prices to continue to move higher towards .9620'ish
- USD/JPY: Bullish from yesterday: the near-term price action points towards 123.27. That target was hit - looking for 124.13 now
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