US Dollar Likely Set Important Top versus Euro
- EURUSD – Euro Forecast to gain versus US Dollar
- GBPUSD –British Pound Forecast Bearish
- USDJPY – Yen Poised to Continue Rally
- USDCHF – Swiss Franc Expected to Weaken
- USDCAD – Canadian Dollar Likely to Fall Further
- GBPJPY – British Pound Outlook Bearish vs Yen
Last week we wrote that the US Dollar could soon head for losses as traders showed clear hesitation in key USD pairs and warned of a potential trend shift. Indeed, the Dow Jones FXCM Dollar Index may soon head lower as it breaks key technical support levels.
Watch for further US Dollar losses through upcoming trade. Given the USD’s record correlation to the Dow Jones Industrial Average and broader financial markets, this would imply risks of a noteworthy bounce in stocks.
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--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.