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Dollar Rebound in Focus as Euro, Pound Risk Exhaustion

Dollar Rebound in Focus as Euro, Pound Risk Exhaustion

Michael Boutros, Strategist

The DXY rebounded off slope support last week but still remains within the confines of a near-term descending channel formation extending off the late-June highs. The focus is on this channel heading into the August open.

Likewise, Euro turned from slope resistance with a newly identified pitchfork keeping the focus lower sub-1.1876 for now. Key near-term support zone rests at 1.1700/23.

Sterling broke below near-term upslope support after posting an outside-day reversal on Super Thursday. The risk remains for further losses with 1.30 &1.2928 both levels of interest for near-term support.

See our New 3Q projections on the majors in the DailyFX Trading Forecasts.

The Loonie setup has continue to be one of our best performers with USDCAD prices rally off key support last week. The advance is just below more significant resistance at 1.2723/39- look for a reaction there.

In this webinar we reviewed current & pending setups and updated technical levels on DXY, EURUSD, USDCAD, GBPUSD, GBPJPY, NZDUSD, Crude, SPX500, Gold, Silver, AUDUSD, GBPAUD, and NZDJPY.

Join Michael for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!

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Key Data Releases

Economic Docket

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

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