USDX (USD Index)

U.S dollar index continues to be contained inside 94.00 – 95.00 range and might end the week without any breakout. No major news release today until Friday which shows little odds for the bull and the bear to move U.S dollar index outside of the range.

News to watch

02.30 PM Fed Chair Yellen Speaks

For full outlook for this week, you can follow Forex Outlook For The Week 6 – 10 Nov 2017

Technical Analysis

EUR/USD

EUR/USD supported above 1.1580 and looks will close above the support level. There is no change to current outlook, the pair has a short-term bearish bias, but this week it might stay inside 1.1580 – 1.1642. Traders could look for long position near 1.1580 and hold it as long as the pair stays above it.

Today critical level to watch:

Support: 1.1580, 1.1500, 1.1360

Resistance: 1.1650, 1.1710, 1.1820

GBP/USD

The bull did not follow through bounce in GBP/USD and the bear return in the market. Today, the pair slide and might continue moving down toward daily SMA 200 and 1.3000 in coming days. However, traders need to observe price close, and the bear needs a close below Tuesday low to have bearish confirmation.

Today critical level to watch:

Support: 1.3100, 1.3000, 1.2800

Resistance: 1.3250, 1.3300, 1.3342

USD/JPY

There is a violation of USD/JPY trendline today. The pair slide below the trendline and previous day low with strong bearish momentum. However, entering U.S trading session, the bull bring the pair back above the trendline and create false break situation. USD/JPY might continue its upward movement the rest of the week and close near the top of the triangle.

Today critical level to watch:

Support: 113.20, 112.50, 112.00, 111.60

Resistance: 114.50, 115.00