Webinar: USDOLLAR Primed for Uptrend Continuation
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- Updated targets & invalidation levels
- Event Risk on Tap ThisWeek
Chart Created Using FXCM Marketscope 2.0
Notes: The Dow Jones FXCM USDOLLAR Index broke above key resistance last week at the April high-day close 12123. The focus remains weighted to the topside while above this level with interim resistance seen at 12204 backed by the median-line parallel.
Notes: USDCHF broke above major resistance this month with today’s rally challenging slope resistance at eight-month highs. Look for interim resistance at 1.0126/40 with a breach above the 2015 high-day close at 1.0185 increasing the potential for a larger scale breakout in the pair. Immediate focus is higher while above 9995 with more significant support seen at 9900/13.
Notes: Crude is trading within the confines of a well-defined descending median-line formation with the recent decline responding to near-term support at the 39.79-40 Fibonacci confluence region. We could get some upside off this mark but the focus remains weighted to the downside while below 42.76 - 43.18. A break lower targets subsequent objectives at the 2015 low-day close at 38.07 & the 2008 low at 36.18.
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Relevant Data Releases Next Week
Other Setups in Play:
- EUR/CAD Rebound Faces Test at Monthly Open
- EUR/JPY on the Cusp of Important Move
- AUD/JPY Flirting with Pivotal Support
- Webinar: Post NFP Setups Play- Sterling Crosses at Risk
- Key Reversal Day Sets Ominous Tone for GBP/JPY
---Written by Michael Boutros, Currency Strategist with DailyFX
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