News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The Japanese Yen is eyeing the upcoming Bank of Japan rate decision and CPI figures, but JPY crosses will likely remain dependent on broader market sentiment. Get your weekly $JPY forecast from @FxWestwater here: https://t.co/x9rbQpPfWe https://t.co/2x1R5XTVea
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/uCaWQiu4Ly
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/g2To3LmUah
  • RT @michaeljburry: Read thread.
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/AueigVsuk4
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/P1iOONG90N
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/62bGLvt8fE
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/A0sIYo2iP1
  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD https://t.co/yxwquL1btp https://t.co/RtWjlN6kpv
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi41lETt https://t.co/FyZuHNzsU3
FX Setups for the Week of September 10, 2018: EUR/USD, USD/CHF

FX Setups for the Week of September 10, 2018: EUR/USD, USD/CHF

James Stanley, Senior Strategist

Talking Points:

- DailyFX Quarterly Forecasts have been updated for Q3, and are available directly from the following link: DailyFX Trading Guides, Q3 Forecasts.

- For trading ideas, please check out our Trading Guides. And if you’re looking for something more interactive in nature, please check out our DailyFX Live webinars.

- If you’d like more color around any of the setups below, we discuss these in our live DailyFX webinars each week, set for Tuesday and Thursday at 1PM Eastern Time. You can sign up for each of those session from the below link:

Tuesday: Tuesday, 1PM ET

Thursday: Thursday 1PM ET

Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator.

Next Week’s Calendar Brings Focus to the Euro, ECB

Next week brings a series of high-impact events to the economic calendar, and this may finally offer a backdrop that can push the US Dollar into a directional trend. Thursday appears to be particularly busy, as a BoE rate decision earlier in the morning is followed by an ECB rate decision. This is the meeting in which the ECB had heavily implied that they’d begin slowing bond purchases; the formal announcement of which could produce a bit of positive drive in the single currency if it does, in fact, take place.

Below we look at two price action setups designed for next week’s trade. It’s important to note that each of these are designed for next week, as a gap-through support or resistance can vastly alter the setup, thereby negating its potential before it even really has a chance to get started. This is especially relevant on GBP pairs, which are not included in this week’s FX Setups, as Brexit headlines have been creating some rather chaotic volatility across Sterling crosses of late and this makes for an undesirable scenario of weekend gap-risk.

Bearish EUR/USD on Hold Below 1.1750, Add on Bearish Break of 1.1500

I’ll keep this one short (pun intended) as I’ve written about it for each of the past four weeks. Early-August saw an aggressive sell-off in the pair, largely on the basis of fears around Turkey. Those fears quickly abated mid-month, and this was followed by a bullish move that erased the entirety of those prior-month losses. But the resistance area that we’ve been following that runs from 1.1709-1.1750 continues to hold the highs, as we’ve seen play out since mid-July.

EUR/USD Four-Hour Price Chart

eurusd eur/usd four hour price chart

This keeps the door opened for Euro downside, and EUR/USD is fast approaching an area of support at 1.1530 that’s had a tendency to quell recent declines. This can make the prospect of short-term entry less attractive, so for traders not yet short, playing a pullback to resistance at prior support appears to be one of the more accommodating ways of approaching the matter at the moment.

Lower-high resistance can be sought around the 1.1600 handle, and if we do see sellers begin to show there, the door can open for bearish strategies with stops lodged above this week’s swing-high. Alternatively, short-side breakouts can be investigated upon a break-below 1.1500.

EUR/USD Hourly Price Chart: Lower-High Resistance Potential

eurusd eur/usd hourly price chart

Chart prepared by James Stanley

Bearish USD/CHF on a Hold Below .9800

On the other side of the US Dollar we have USD/CHF, which has been in the midst of an aggressive bearish run over the past three weeks. USD/CHF weakness really began to show prominently in mid-August, right around the time that DXY began to reverse: But the primary difference is that while DXY has run into support and traded in a rather messy manner, the trend has remained strong in USD/CHF. This makes the pair rather attractive in scenarios of continued USD-weakness, and below, we look at a zone of interest for bearish continuation of this move. Resistance showing within the 30-pip zone that runs from .9724 up to .9754 opens the door for bearish strategies on the premise of lower-high resistance re-opening the door for bearish continuation.

USD/CHF Four-Hour Price Chart

usd/chf four hour price chart

Chart prepared by James Stanley

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts for Q1 have a section for each major currency, and we also offer a plethora of resources on USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.

Forex Trading Resources

DailyFX offers a plethora of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at.

If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES