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USD at Support- Key Triggers Eyed for EUR, GBP, CHF Scalp Setups

USD at Support- Key Triggers Eyed for EUR, GBP, CHF Scalp Setups

2013-08-12 20:12:00
Michael Boutros, Strategist

EURUSD Daily Chart

Forex_USD_at_Support-_Key_Triggers_Eyed_for_EUR_GBP_CHF_Scalp_Setups_body_Picture_4.png, USD at Support- Key Triggers Eyed for EUR, GBP, CHF Scalp Setups

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • EURUSD Break above key technical resistance at 1.3340 in question- Bearish below this mark
  • Primary support range objective 1.3227- 1.3247
  • Break targets secondary objectives at 1.3153/63 and 1.3077-1.3112.
  • Daily RSI failure to hold above 60-threshold suggests waning momentum
  • Key Events: German / EZ 2Q GDP on Wednesday

GBPUSD Daily Chart

Forex_USD_at_Support-_Key_Triggers_Eyed_for_EUR_GBP_CHF_Scalp_Setups_body_Picture_3.png, USD at Support- Key Triggers Eyed for EUR, GBP, CHF Scalp Setups

Technical Outlook

  • Bearish below key technical resistance 1.5550- 1.5577- (78.6% & 50% retraces / 2013 TL Resistance)
  • Daily RSI 60-breach short-lived- Break below 1.54 and RSI break sub 50 to offer conviction
  • Primary support range objective at 1.5395- 1.5435
  • Secondary objectives at 1.5270/80 and 1.5170.
  • Key Events Ahead: UK CPI onTuesday, BoE Minutes on Wednesday

USDCHF Daily Chart

Forex_USD_at_Support-_Key_Triggers_Eyed_for_EUR_GBP_CHF_Scalp_Setups_body_Picture_2.png, USD at Support- Key Triggers Eyed for EUR, GBP, CHF Scalp Setups

Technical Outlook

  • USDCHF Bullish above key technical support range 9186- 9200
  • Primary resistance range objective 9312- 9333
  • Breach targets secondary objectives at 9393, 9460, and 9525/30
  • Daily RSI breaks back above TL support dating June 2013- currently back above 40 (constructive)
  • Key Events Ahead: No Swiss News- Watch US Docket

USDOLLAR Daily Chart

Forex_USD_at_Support-_Key_Triggers_Eyed_for_EUR_GBP_CHF_Scalp_Setups_body_Picture_1.png, USD at Support- Key Triggers Eyed for EUR, GBP, CHF Scalp Setups

Technical Outlook

  • USDOLLAR correction encounters key support range 10,650/75
  • Medium-term bias bullish above this mark
  • Support break targets objectives at 10,580- 10,611
  • Broader outlook remains weighted to the topside above 10,585- 10,611 support range
  • Daily RSI turning ahead of 40-threshold (constructive)- Trigger break pending
  • Key Events Ahead: US Advanced Retail Sales on Tuesday, CPI on Thursday and Univ. of Michigan Confidence Survey on Friday

Review today’s Scalp Webinar for further insights and current trade setups

For updates on this scalp and more setups follow him on Twitter @MBForex

---Written by Michael Boutros, Currency Strategist with DailyFX

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael Tuesday, Wednesday and Thursday mornings for a Live Scalping Webinar on DailyFX Plus (Exclusive of Live Clients) at 1230 GMT (8:30ET)

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