Never miss a story from Michael Boutros

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Michael Boutros

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

New to Forex Trading? Get started with this Free Beginners Guide

US Dollar Reverses From Resistance- Recovery to Offer Opportunity

Earlier this month we highlighted a key resistance level in the US Dollar Index (DXY) with our ‘bottom line’ noting that, “From a trading standpoint, the immediate focus is on possible price exhaustion on a push higher towards down-slope pitchfork resistance near 96.13.” The index registered a high at 96.16 last week before reversing sharply with the decline now testing near-term support targets. We’ll also be tracking US Treasury yields this week with the TNX (10Yr Yields) responding to long-term slope resistance last week. Still standing clear of the commodity currencies for now- but there are some major levels we’ll be tracking for guidance. Here are the targets and invalidation levels that matter this week.

Key Levels in Focus

DXY – Interim support targets at 94.71/85 – Resistance at 95.61 with bearish invalidation steady at 96.13.

EUR/USD – constructive while above 1.1490 – Key near-term resistance at 1.1624/28- breach there to fuel rally towards 1.1670.

USD/JPY – Key near-term support at 111.60- break lower would expose 111.30 & 110.76. Resistance at112.25 & 112.65 (bearish invalidation at 113.27).

Gold –– Weekly support at 1210 & 1203. Key price resistance at 1235/36- looking for a stronger reaction there

Crude Oil – Focus to start the week is on key near-term support at 70.64- focus remains lower while below monthly open resistance at 73.50. Downside break targets 69.17.

Why does the average trader lose? Avoid these Mistakes in your trading

In this webinar we review updated technical setups on DXY, EUR/USD, GBP/USD, GBP/NZD, GBP/AUD, USD/JPY, TNX (10yr Treasury Yield), AUD/JPY,AUD/USD, Gold, Crude Oil and S&P 500 (SPX).

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Key Event Risk This Week

Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk

Active Trade Setups in Play:

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

Follow Michael on Twitter @MBForex or contact him at