*To view the original Forex Update 2020 analysis and post, please click here*
USD Pairs – Weekly Charts
USD pairs continue to be indecisive and lack trend direction (as suggested in our last 2020 USD chart analysis). Weekly moving averages have been crossing frequently and some have been moving sideways – confirming the market indecision. Some USD pairs are signalling potential downside.
USDCAD – has reversed around the horizontal level at 1.4570 (as suggested in our last analysis). Price is ranging between 1.1250 and 1.4600. Trading opportunities may exist around the support and resistance areas of the range and if the USDCAD closes out of the range (break-out trade).
USDCHF – price reversed around 0.9265 (as suggested in our last chart analysis). USDCHF is ranging between 0.9250 and 1.0300. Price action has been forming lower swing highs, suggesting that price may break lower. Trading opportunities could exist around the support and resistance areas of the range, around the diagonal resistance areas and if USDCHF closes out of the range (break-out rade).
USDJPY – is clearly ranging between 103.75 and 114.00. Price is also ranging between 100.50 and 117.75. Price action has formed a bearish channel and the USDJPY is moving within the channel, suggesting that price could break lower. Trading opportunities may exist around the support and resistance areas of the ranges and the bearish channel.
Start trading with a free demo trading account – https://www.tfxi.com/