Fundamental Analysis

FX Setups for the Week of February 25, 2019

FX Setups for the Week of February 25, 2019

– DailyFX Quarterly Forecasts can be found instantly from the next hyperlink: DailyFX Buying and selling Guides, Q1 Forecasts.

– For buying and selling concepts, please try our Buying and selling Guides. And when you’re searching for one thing extra interactive in nature, please try our DailyFX Reside webinars.

– If you happen to’d like extra shade round any of the setups under, take part our reside DailyFX webinars every week, set for Tuesday and Thursday at 1PM Japanese Time. You’ll be able to join every of these periods from the under hyperlink:

Tuesday: Tuesday, 1PM ET

Thursday: Thursday 1PM ET

Do you wish to see how retail merchants are at the moment buying and selling the US Greenback? Take a look at our IG Consumer Sentiment Indicator.

US Greenback Softens Publish-FOMC Advance

Subsequent week sees the highlight transfer again on to the US Greenback: On Tuesday and Wednesday, FOMC Chair Jerome Powell will head to Capitol Hill for the Fed’s twice-annual Humphrey Hawkins testimony. After delivering ready statements, Chair Powell will take questions from every arm of Congress: The Senate Finance Committee is on Tuesday and the day after he speaks with the Home Monetary Providers Committee. The Q&A nature of the occasion could make it significantly fascinating, because the Chair can be questioned on a wide range of subjects that will drive volatility by way of markets.

In US Greenback worth motion, the forex spent a lot of this week tempering prior February positive factors. The forex sparked a bullish development after the January FOMC charge resolution, and that theme noticed the US Greenback run into contemporary 2019 highs final Friday. The pullback from that top lasted into this Wednesday, across the launch of FOMC minutes from that January charge resolution. That topside bounce bumped into resistance once more this morning, holding DXY at a well-recognized help stage of 96.47, which is the 23.6% Fibonacci retracement of the 2011-2017 main transfer within the forex.

Under, I have a look at setups on either side of the US Greenback designed for subsequent week’s worth motion.

US Greenback Eight-Hour Worth Chart

us dollar usd eight hour price chart

Chart ready by James Stanley

Bullish USDJPY for High-Aspect US Greenback Biases

Regardless of the US Greenback’s pullback this week, USDJPY spent a lot of the interval adhering to a constant, albeit gradual, topside transfer. As mentioned earlier this morning, USDJPY re-engaged with the Fibonacci stage at 110.86 to seek out resistance on Tuesday, Wednesday and Friday, with consumers failing to push by way of every time. However sellers haven’t precisely been capable of seize management of issues both, as costs continued to respect the 110.30 help stage that was examined final week.

At this level, USDJPY can stay as one of many extra enticing long-USD choices, significantly given this week’s outlay wherein the pair appeared to be a minimum of considerably resistant to the Greenback’s pullback. Ought to USD-strength fireplace round subsequent week’s Humphrey Hawkins testimony, USDJPY stays an fascinating spot as a powerful Greenback might be matched up with what’s been a weak Japanese Yen.

For timing, there could possibly be a few choices right here for merchants: A topside breakout from the 111.13 excessive that was set final week may open the door for a take a look at of the following Fibonacci stage in that sequence round 112.34. Alternatively, if bears are capable of make extra of a southbound push, the prior space of resistance checked out earlier this month could possibly be re-incorporated as potential help; and that runs from 109.67-110.00.

USDJPY 4-Hour Worth Chart

usdjpy usd/jpy four hour price chart

Chart ready by James Stanley

Bearish USDCHF for Quick-Aspect US Greenback Biases

On the opposite aspect of the US Greenback, USDCHF stays of curiosity because the pair pushed back-down to the parity stage this week. As checked out final week, resistance on the 1.0096 stage has to this point held the upward advance within the pair; and whereas costs started to turn-lower final Thursday, that transfer has continued by way of this week for a re-test of the vaulted parity determine. This might preserve the pair as fascinating for bearish USD methods, concentrating on a re-test of the .9902 Fibonacci stage adopted by deeper goal potential round .9850 and .9766.

USDCHF 4-Hour Worth Chart

usdchf usd/chf four hour price chart

Chart ready by James Stanley

To learn extra:

Are you searching for longer-term evaluation on the U.S. Greenback? Our DailyFX Forecasts have a bit for every main forex, and we additionally provide a plethora of assets on USD-pairs corresponding to EUR/USD, GBP/USD, USD/JPY, AUD/USD. Merchants may also keep up with near-term positioning through our IG Consumer Sentiment Indicator.

Foreign exchange Buying and selling Assets

DailyFX gives a plethora of instruments, indicators and assets to assist merchants. For these searching for buying and selling concepts, our IG Consumer Sentiment exhibits the positioning of retail merchants with precise reside trades and positions. Our buying and selling guides convey our DailyFX Quarterly Forecasts and our High Buying and selling Alternatives; and our real-time information feed has intra-day interactions from the DailyFX crew. And when you’re searching for real-time evaluation, our DailyFX Webinars provide quite a few periods every week in which you’ll see how and why we’re taking a look at what we’re taking a look at.

If you happen to’re searching for academic data, our New to FX information is there to assist new(er) merchants whereas our Traits of Profitable Merchants analysis is constructed to assist sharpen the talent set by specializing in threat and commerce administration.

— Written by James Stanley, Strategist for DailyFX.com

Contact and comply with James on Twitter: @JStanleyFX


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