Another trading week has been completed in the Forex Trading Room. For today’s session, trade setups for USDCHF, EURUSD, and NZDUSD were covered.
For the entirety of the week, the US Dollar Index (DXY) was ranging. Price was stuck between 90.75 and 91.25. Due to this, many of the majors such as EURUSD and NZDUSD mirrored those same movements. For next week, analysis expects both EURUSD and NZDUSD to break above their respective weekly highs. This would allow for longs to be taken.
In addition to those two setups, USDCHF is also eyeing to go lower. Price has been in a continuous downtrend since November and it should continue as DXY continues its bearish momentum. Before entering, the price needs to clear daily support at 0.88700. This break on the daily timeframe should pave the way for a move to at least 0.871120.
As the holidays start to creep up on traders, market volatility will slowly reel back. Traders can expect next week to be one of the last full trading weeks of 2020. Hopefully, the DXY can get out of its funk and head lower as expected. Have a great weekend traders!
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