USDX (USD Index)

There is a bullish attempt in today trading session for, but the effort looks will turn into naught as the index back below opening level. Traders will continue to monitor the index movement, will it manage to close above 89.50 today?

News to watch

10.00 AM U.S CB Consumer Confidence, forecast reading of 123.2

10.30 AM UK BOE Gov Carney Speaks

For full outlook for this week, you can follow Forex Outlook For The Week 29 – 2 Feb 2018

Technical Analysis

EUR/USD

EUR/USD stay on its bullish track even though the pair enters correction period. The pair closed lower in the previous day below three day closing prices. Today, the bear managed to push the price lower to test previous day low. However, the bull returns and bring the pair back to its opening level. We expect the pair will continue trade sideways before the tomorrow FOMC interest-rate decision.

Today critical level to watch:

Support: 1.2300, 1.2200, 1.2100, 1.2070, 1.2000

Resistance: 1.2500

GBP/USD

GBP/USD descended and reached the first support level where it is expected to bounce. Traders could look for a long position with 1.4325 as the target. However, there is BOE speech today which might drive volatility in the pair. The close below 1.4000 should drive the pair further lower to 1.3835.

Today critical level to watch:

Support: 1.4000, 1.3850, 1.3800, 1.3600

Resistance: 1.4250

USD/JPY

The chart of USD/JPY shows no room above 109.00 for the bull. There are two attempts to move the pair above 109.00 which fail. Today, the trend will be determined by where the pair close. A close above 109.00 will help the bull to recover more losses.

Today critical level to watch:

Support: 107.40

Resistance: 109.00, 110.50, 111.00, 111.60

AUD/USD

There is no new projection on AUD/USD, the pair is located above 0.8000 and could move further upward. The only setup to watch is long setup when correction toward 0.8000 happen.

Today critical level to watch:

Support: 0.8000, 0.7970, 0.7875, 0.7800

Resistance: –