Dollar Rebound in Focus as Euro, Pound Risk Exhaustion
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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.
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Key Data Releases
Other Setups in Play:
- USD/CAD Price Action Primed for NFP, Canada Employment
- GBP/JPY Back at Resistance Ahead of BoE’s Super Thursday
- EUR/USD Rally Vulnerable Ahead of NFP- Pullback to Offer Opportunity
---Written by Michael Boutros, Currency Strategist with DailyFX