As price action analysis predicted, both EURUSD and USDCHF trade setups are playing out as expected and in profit. With the Dollar uptrend remaining strong, more profits should be expected.
EURUSD has found itself down -0.37% today as the price continues its downtrend. The precursor for the latest sell-off was price closing bearish below last week’s low. Traders can expect the price to pullback slightly today, before ultimately reaching the target of 1.16400.
As the Dollar pushes higher, USDCHF continues to climb as well. Earlier today, the DXY was able to reach 93.200 and close bullish above this level. This should lead to further gains for USDCHF. The first target price action traders will be targeting is 0.94700.
Tomorrow is the ADP employment report which represents the number of jobs added excluding the government and farming sector. The current forecast is an improvement from the previous result with an expected 552,000 jobs being added this past month. A positive result could send the Dollar even higher.
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- Read yesterday’s breakdown: EURUSD & USDCHF Analysis with a Bullish Dollar