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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
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
Wall Street
More View more
Real Time News
  • The US Dollar may be readying to rise against the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit. If so, what could be the potential for follow-through? Find out from @ddubrovskyFX here: https://t.co/vGiZGqFc7V https://t.co/vhnKjMFaT7
  • #AUD May Extend Gains on #RBA Rate Decision After Wall Street Bounce - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/07/06/AUD-May-Extend-Gains-on-RBA-Rate-Decision-After-Wall-Street-Bounce.html
  • 🇯🇵 Household Spending YoY (MAY) Actual: -16.2% Expected: -12.2% Previous: -11.1% https://www.dailyfx.com/economic-calendar#2020-07-06
  • The Dow Jones may rise based on signals from trader positioning, placing the focus on resistance ahead. This is as the S&P 500 pressures a key falling trend line, will it hold? Find out from @ddubrovskyFX here:https://t.co/UvXqX50YIp https://t.co/dtE8NHLW7L
  • Heads Up:🇯🇵 Household Spending YoY (MAY) due at 23:30 GMT (15min) Expected: -12.2% Previous: -11.1% https://www.dailyfx.com/economic-calendar#2020-07-06
  • 🇦🇺 Ai Group Services Index (JUN) Actual: 31.5 Previous: 31.6 https://www.dailyfx.com/economic-calendar#2020-07-06
  • Stocks are off to an aggressive start as Q3 gets rolling as the anti-risk #Yen faces cautious selling pressure Canadian employment data is due this week What else is in store for #JPY in Q3? Check out my outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2020/07/04/Japanese-Yen-Q3-Fundamental-Outlook-Dow-Jones-and-SP-500-Eyed.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/AqzPQwJzzz
  • The ASX 200 and AUD/JPY are at risk of losses as cases of Covid-19 continue to climb in Victoria, Australia’s second-most populous state. Get your #ASX market update from @DanielGMoss here: https://t.co/Jl5QAnyqCJ https://t.co/rqybMcC8qV
  • Heads Up:🇦🇺 Ai Group Services Index (JUN) due at 22:30 GMT (15min) Previous: 31.6 https://www.dailyfx.com/economic-calendar#2020-07-06
  • Texas virus cases increase 2.7% vs prior 4% 7-day average - BBG
US Dollar Prices Continue Support Bounce: USD/CHF, GBP/USD, AUD/USD

US Dollar Prices Continue Support Bounce: USD/CHF, GBP/USD, AUD/USD

2019-11-05 13:30:00
James Stanley, Strategist

US Dollar Price Outlook:

US Dollar Continues Support Bounce

So far this week the US Dollar has continued to bounce after last week’s revisit to the October lows. While there’s been a bit of help from counterparts out of Australia and Europe, the US currency hasn’t had much for drivers yet this week. That changes this morning at 10 AM with the release of non-manufacturing ISM data. This was a key driver last month when the print came-out inside of expectations, adding to the worry created by continued languish in the manufacturing portion of ISM. The most recent iteration of manufacturing ISM numbers were released last Friday just an hour-and-a-half after NFP’s and, once again, the print came-out inside of expectations, bringing bears back into the mix in a theme that largely held until last week’s close.

But so far this week the USD has continued to push-higher towards a batch of resistance that held the highs through a couple of different scenarios last week, including the Wednesday FOMC rate decision. Can the USD continue to push up for another test of this key zone? Or will this morning’s services ISM read help to bring back the bears along with the potential for fresh two-month-lows?

US Dollar Four-Hour Price Chart

us dollar four hour price chart usd

Chart prepared by James Stanley; US Dollar on Tradingview

USD/CHF Bounces in Range After Hold at .9850

I had looked at this one in last Thursday’s webinar and again in FX setups for this week; but the range in USD/CHF has held for almost a couple of months at this point with a fairly consistent streak of support showing around the .9850 level. The USD bounce has helped mean reversion remain on course and prices have already pushed up to the first target at the .9902 level. A little further ahead is range resistance around the .9950 level, after which additional targets could be sought on a re-test of the parity figure.

USD/CHF Four-Hour Price Chart

usdchf usd/chf eight hour price chart

Chart prepared by James Stanley; USDCHF on Tradingview

AUD/USD Reverts to Trendline Resistance

Last night’s RBA rate decision saw the bank avoid any near-term rate moves while not sounding quite so dovish. While the bank does expect a continued show of weak inflation, they also appear not to be in any hurry to cut rates or nudge policy into a looser spot anytime soon. In response AUD/USD jumped after the prior day’s sell-off, with price action reverting right back to the bearish trendline that connects December 2018 and April 2019 swing-highs. That trendline projection caught the high in late-July, just ahead of AUD/USD’s fresh ten-year-lows and has been back in-play over the past week.

Can buyers nudge above? And if so, will they be able to take-out the big fig of .7000 looming just overhead? This can be an attractive venue for those looking at elongated USD-strength, plotting for a bigger-picture reversal in AUD/USD and an eventual test of those decade-lows around the .6700-handle.

AUD/USD Daily Price Chart

audusd aud/usd aud usd price chart

Chart prepared by James Stanley; AUDUSD on Tradingview

GBP/USD Support Test After 1.3000

On that topic of big figures, GBP/USD ran into the 1.3000 handle a couple of weeks ago and buyers have been stymied ever since. Initially, this led to a bull flag formation and price action began to work outside of that formation last week as the US Dollar remained weak. But, GBP/USD bulls didn’t look to be interested in another 1.3000 test as a lower-high developed on Friday and that’s continued into this week as the USD has bounced.

This has brought a pullback to GBP/USD with buyers attempting to cauterize support at a key area on the chart around the 1.2900 handle. This keeps the pair as one of the more compelling short-USD themes at the moment, looking for that re-test of 1.2950 followed by a re-encroachment of the 1.3000 level.

GBP/USD Two-Hour Price Chart

gbpusd gbp/usd gbp usd two hour price chart

Chart prepared by James Stanley; GBPUSD on Tradingview

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts have a section for each major currency, and we also offer a plethora of resources on Gold or 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 an abundance 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.


News & Analysis at your fingertips.