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Weekly Technical Outlook: USD Turn or Burn at Key Resistance

Weekly Technical Outlook: USD Turn or Burn at Key Resistance

2017-10-23 15:57:00
Michael Boutros, Strategist
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Markets are illustrating a perfect example of when there is clarity in price, but not in near-term trend. Simply put, technically prices remain within well-defined structural patterns, but recent price action offers little conviction on the immediate bias.

That said, today we took an in-depth look at the majors from a weekly, daily & intraday standpoint to get a larger perspective on where we are in trend. The dollar advance is eyeing long-term technical confluence and the focus this week is on the 94.03/20 resistance barrier.

Similarly, USDCHF is eyeing a long-term resistance confluence around ~9880s, and while I don’t want to get stung again trying to call a high, the advance looks vulnerable near-term while below this barrier.

A look at Bitcoin prices highlights the significance of the resistance barrier we turned from last week and leaves the cryptocurrency vulnerable for further losses near-term. Initial areas of interest for support are eyed around 5565 & 5423- look for a reaction at one of these levels.

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In this webinar we reviewed current & pending setups and updated technical levels on DXY, EURUSD, GBPUSD, USDCAD, Gold, USDCHF, USDJPY, GBPJPY, Crude and Bitcoin. Highlighting this week’s economic docket will Aussie CPI, UK GP, the ECB interest rate decision and US 3Q GDP figures on Friday.

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Key Data Releases

Weekly Technical Outlook: USD Turn or Burn at Key Resistance

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---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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