Dollar Outlook for Week 25 -> DXY, EUR, JPY, GBP
Last week some nice USD setups developed.
The biggest change in USDCHF came from the somewhat unexpected SNB move to increase interest rates by 0.5%.
Overall I am still not convinced that $ is going much higher... DXY seems to lose steam and might be range bound within 106 and 102.
EURUSD confirmed at least MT a double bottom at 1.035 and is now resting at RL 105.
A clear BO with consolidation above 1.065 would open up more long potential
GBPUSD formed a nice H&S pattern and is now retesting the neckline at 1.22 LTF continuation confirmation is needed to confirm the MT long bias.
USD JPY is a tricky one.... refer to chart for more insight....
→ All the current Outlooks are still based on MT weakening of the USD.
→ Outlook solely based on PA.
Wait for confirmation before entering a trade and consider FX correlation.
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Glossary:
HTF – Higher Time Frame
LTF – Lower Time Frame
MT – Medium Term
DT – Down Trend
UT – Up Trend
BO – Break- out
PA – Price Action
CS – Candle Stick
SL – Support Level
RL – Resistance Level
TC – Trend Channel
Color Code:
Blue solid line – Actual PA Structure
Blue dashed line – Legacy PA Structure
Violet dashed line – Area of Sensitivity S/R Levels
Orange dotted line – My Alarms
The biggest change in USDCHF came from the somewhat unexpected SNB move to increase interest rates by 0.5%.
Overall I am still not convinced that $ is going much higher... DXY seems to lose steam and might be range bound within 106 and 102.
EURUSD confirmed at least MT a double bottom at 1.035 and is now resting at RL 105.
A clear BO with consolidation above 1.065 would open up more long potential
GBPUSD formed a nice H&S pattern and is now retesting the neckline at 1.22 LTF continuation confirmation is needed to confirm the MT long bias.
USD JPY is a tricky one.... refer to chart for more insight....
→ All the current Outlooks are still based on MT weakening of the USD.
→ Outlook solely based on PA.
Wait for confirmation before entering a trade and consider FX correlation.
-------------------
Glossary:
HTF – Higher Time Frame
LTF – Lower Time Frame
MT – Medium Term
DT – Down Trend
UT – Up Trend
BO – Break- out
PA – Price Action
CS – Candle Stick
SL – Support Level
RL – Resistance Level
TC – Trend Channel
Color Code:
Blue solid line – Actual PA Structure
Blue dashed line – Legacy PA Structure
Violet dashed line – Area of Sensitivity S/R Levels
Orange dotted line – My Alarms