Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Is USD Correction Coming To An End?

Published 06/27/2019, 05:29 AM
Updated 05/14/2017, 06:45 AM

Correction on the USD continues. It is still just a correction though. Not that it was unexpected as USD has serious troubles since the very beginning of the month so, with such a heavy drop, chances for a correction were constantly increasing. Current rises do not change much as the main signal is already set and is negative for the U.S. currency.

With the most recent rises, Dollar Index is testing the broken up trendline as the closest resistance. Test so far is positive for the sellers, as the price stays below that line. With the current momentum, the target remains on the orange area, slightly below 94.4

EUR/USD also does not allow the USD to spread the wings. The main pair is above the neckline of the Inverse Head and Shoulders Pattern and above the horizontal support on the 1.133. As long as we stay above those two, the sentiment remains positive.

USD/CHF managed to set new yearly lows and then bounced higher. For us, it is just a dead cat bounce and the price has no bigger chances for a major reversal…yet. USD/CHF still stays below major dynamic and horizontal resistances so the outlook has to be pessimistic.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.