Good morning traders. The Greek 'No vote' has made a clear impression on the markets. Luckily, the outcome simply confirmed my ongoing forecast of higher levels in the Dollar Index (DXC) - thus I will be considering shorts in EUR/USD and longs in USD/CHF as we start this new week.
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): Bullish a break above 96.69 should open the door for a push higher to key resistance at 97.38
- EUR/USD: Bearish like DXC, on a short-term basis a break of support of the 1.0970-1.0950 area should allow prices to quickly move towards 1.0900 and lower.
- USD/NOK: Neutral to Bullish I can count 5-waves off the July 1st low and last nights push higher should not be chased. Look to buy pull-backs towards 8.0425-7.9658
- USD/CHF: Bullish following in-line with DXC, higher levels are in order here too. Using near-term resistance at .9502 as the 'trigger' to send prices higher towards .9525-.9540
- USD/SGD: Bullish from July 1st: a Wave ii low appears to be in place as on yesterday at 1.3440. Looking for a move towards 1.3560. Analysis was spot on but the 2nd target came up a bit short. Looking for a break above 1.3532 that opens up a move higher towards 1.3595
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