Another trading week, and another day that the Dollar has pushed higher. With that in mind, majors such as EURUSD and USDCHF should continue their current trends.
Last week the US Dollar Index (DXY) was able to close above one of the highs made in November. Today’s daily candle will most likely close bullish above this level, which should pave the way for a move to 92.900. Naturally, this will occur as the Dollar has started to reverse, so the price will look to take out the lower highs of the previous downtrend.
With a strong bullish trend for the Dollar, it’s expected for EURUSD to continue its current downtrend. Earlier today price was able to match last week’s low and a breach of this low should lead to further losses for the Euro. Conversely, USDCHF should continue edging higher as the price retests last week’s high.
As March comes to an end, traders are faced with another Non-Farm Payroll release. It will be interesting to see if the Dollar any reaction releases as has failed to do for much of the year.
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- Read yesterday’s breakdown: Dollar Ready for Next Push + Oil Longs