As we get into the midst of the trading week, the Dollar has chosen its path and so have many of the majors. A weaker Dollar should lead other currencies such as the Swiss Franc and Canadian Loonie to edge higher.
The US Dollar Index has successfully breached 90.00 on the daily timeframe for the first time since 2020. This push was substantial as the price is resting near 89.75. This should indicate further shorts for the Dollar to this year’s low of 89.25.
Both USDCHF and USDCAD have been in respectable downtrends since March. Price has consistently made textbook lower highs and lower lows. With the Dollar ready for the next leg down, price action traders are looking to enter short for both these pairs. Candlestick analysis will notify traders when they can actually enter.
Besides this Friday’s Euro and U.K manufacturing data, the fundamental schedule for this week is fairly clear. This should be a week that traders can find numerous intraday and swing trading positions without too much hesitancy in price action.
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- Read yesterday’s breakdown: Dollar to Visit 90.00 + Cryptos in Bear Market?
