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EUR/USD, GBP/USD, DXY Charts: USD Outlook & More

EUR/USD, GBP/USD, DXY Charts: USD Outlook & More

2020-01-28 12:40:00
Paul Robinson, Currency Strategist
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USD Highlights:

  • EUR/USD heading towards next level of support
  • GBP/USD testing an important threshold of support
  • DXY looking for further clearance to continue higher

EUR/USD broke the trend-line from the October low, and with that ushering in some downside momentum. The November low at 10981 is about to be tested, and while this may hold in the short-term, the anticipated action is for it to give-way. The October low under 10900 will then become the most likely next level of support to watch.

EUR/USD Daily Chart (near price support)

EUR/USD daily chart, near price support

EUR/USD Chart by TradingView

GBP/USDis sitting on a pretty significant threshold, one it is having tested several times now in the past couple of weeks. Basically, it’s the 13000-line. A drop below and Cable could start to see some aggressive selling, but if it holds then the wedging price action will stay in play. One way or another a breakout looks to be near, and with the FOMC and BoE on deck this week there are catalysts.

GBP/USD Daily Chart (testing important support again)

GBP/USD daily chart

GBP/USD Chart by TradingView

DXYis above the October trend-line (just as the Euro which accounts for 57% of the index is below the same trend-line), but is also above the 200-day and a swing-high created in December. This puts the index in position to trade higher bigger picture.

DXY Daily Chart (pointed higher)

DXY daily chart

DXY Chart by TradingView

For all the charts we looked at, check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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