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Daily Financial Market News

Mon, 22 Jan 2018 19:00:00 GMT

A Weekly Technical Perspective on GBP/USD, USD/CAD, USD/CHF

A Weekly Technical Perspective on GBP/USD, USD/CAD, USD/CHF Search DailyFX Home Rates Charts News Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Traders Urged to Respond to Proposed European Rule Changes Euro May Shrug Off Soft PMI Data, Looking Ahead to ECB Meeting AUD/USD Rally Approaching Initial Resistance Targets Technical Analysis Analysis Technical Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Technical Analysis Headlines FTSE Technical Outlook – Consolidation Period Would Do Some Good Japanese Yen Technical Analysis: USD/JPY Wilts, 107 Could Beckon As Dollar Weakness Presists, Yen May Rally Calendars Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Forex Economic Calendar Time Event Actual Forecast Rates Charts Education Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS × Get the best parts of DailyFX.com in the new DailyFX App Download × Join Us For Our Free Webinars Get daily market analysis from our in-house experts Choose from more than 25 webinars each week Put your questions to our experts in real-time Q&As Register now Want to hold off on improving your trading? Click here to dismiss. × Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: The basics of forex trading and how to develop your startegy Foundational knowledge to help you develop an edge in the market What's ahead for major FX pairs, Gold, Oil and more Download a Free Guide Want to hold off on improving your trading? Click here to dismiss. EUR/USD Low High View More Note: Low and High figures are for the trading day. News Euro May Shrug Off Soft PMI Data, Looking Ahead to ECB Meeting USD & JPY Get Haven Bids as Trump Protectionism Returns EUR/USD Boosted as German Economic Sentiment Soars GBP/USD Low High View More Note: Low and High figures are for the trading day. News Investor Sentiment Remains Buoyant as US Government Shutdown Ends USD & JPY Get Haven Bids as Trump Protectionism Returns A Weekly Technical Perspective on GBP/USD, USD/CAD, USD/CHF USD/JPY Low High View More Note: Low and High figures are for the trading day. News USD/JPY Elliott Wave Analysis Points Towards 107 Japanese Yen Technical Analysis: USD/JPY Wilts, 107 Could Beckon Japanese Yen Shrugs at Strong Local Data After Dovish BOJ Gold Low High View More Note: Low and High figures are for the trading day. News Trading Outlook for Gold & Silver, Crude Oil, Copper, DAX & More Gold Prices Rise Even as US Government Shutdown Ends Gold Awaits Dollar’s Lead Before Deciding Breakout or Reversal Oil Low High View More Note: Low and High figures are for the trading day. News Gold Prices Rise Even as US Government Shutdown Ends Weekly Technical Outlook- USD Warning Signs of Stretched Price Action Crude Oil Prices Struggle as Gold Eyes US Government Shutdown BITCOIN Low High View More Note: Low and High figures are for the trading day. News Bitcoin, Ethereum, Ripple; Technical Support Still Needed Bitcoin Shifts to a Mixed Trading Bias Bitcoin, Ethereum, Ripple Prices Crumble, Market Capitalization Slashed View More More Real-Time News Facebook Twitter Youtube Google + A Weekly Technical Perspective on GBP/USD, USD/CAD, USD/CHF by  Michael Boutros, Currency Strategist  Short term trading and intraday technical levels Connect via: A look at the weekly technicals on GBP/USD, USD/CAD & USD/CHF Review the Foundations of Technical Analysis mini-series Join Michael for Live Weekly Strategy Webinar s on Mondays at 12:30GMT In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. Here are the key levels that matter heading into the close of January trade. Review this week’s Strategy Webinar for an in-depth breakdown of these setups and more. GBP/USD Weekly Chart Notes: Earlier this month we noted that the immediate focus for the British Pound was, “ on a break of the 1.33-1.3675 range ” with a breach higher to target, “ subsequent topside objectives into the median-line near the 38.2% retracement at 1.3952 . ” Price is testing this threshold now and a weekly close above would be needed to keep the immediate advance viable. Bottom line: While our broader outlook remains weighted to the topside, price is now testing up-trend resistance and could limit advances near-term. Interim support now rests at 1.3675 with bullish invalidation now raised to 1.3494 . A breach higher from here eyes subsequent topside objectives at the median-line parallel at around ~ 1.4140 s backed by the upper parallel / 200-week moving average at ~ 1.44 . New to Trading ? Get started with this Free Beginners Guide GBP/USD IG Client Positioning A summary of IG Client Sentiment shows traders are net-short GBP/USD- the ratio stands at -2.1 (32.3% of traders are long) – b earish reading Retail has remained net-short since Dec 28 th ; price has moved 4.5% higher since then Long positions are 8.2% lower than yesterday and 10.8% lower from last week Short positions are 12.7% higher than yesterday and 17.2% higher from last week We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests GBPUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBPUSD-bullish contrarian trading bias . See how shifts in GBP/USD retail positioning are impacting trend- Click here to learn more about sentiment! USD/CAD Weekly Chart Notes: USD/CAD has carved out its monthly opening-range just above the 61.8% retracement of the September advance at 1.2388 . Interim resistance stands at the monthly / yearly open which converges on the 200-week moving average at 1.2579-1.26. The imm ediate focus is on a break of this range with the medium-term bearish invalidation set to 1.2725 . Bottom line: Looking for a break of this range for near-term guidance with the broader focus lower while below the 50-line. A break lower targets the median-line (blue ~ 1.2260 s) backed by the 2017 low-week close at 1.2156 and the 50 retracement at 1.2048 . Why does the average trader lose? Avoid these Mistakes in your trading USD/CHF Weekly Chart Notes: USD/CHF reversed off confluence support last week around 9553 - a region defined by the 78.6% retracement of the September advance and the median-line extending off the 2015 high. Initial resistance stands with the 200-week moving average at ~ 9656 backed by yearly open resistance at 9744 . Broad bearish invalidation stands with the yearly opening range highs / upper parallel at 9845/80 . Bottom line: We’re on the lookout for a possible near-term recovery to ultimately offer more favorable short-entries with a break lower targeting confluence support at 9444/72 and the 2011 trendline, currently around 9400 . Check out our New USD/CAD 2018 projections in our Free DailyFX Trading Forecasts Previous Weekly Technical Perspectives A Weekly Technical Perspective on USD/JPY, EUR/JPY, Crude Oil A Weekly Technical Perspective on DXY, GBP/USD, AUD/USD A Weekly Technical Perspective on Gold, Copper, Crude - Written by Michael Boutros, Technical Currency Strategist with DailyFX Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Clic k H ere to be added to his email distribution list . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Related Articles Previous Articles From scalping report Related Prev Articles   Traders Urged to Respond to Proposed European Rule Changes   Euro May Shrug Off Soft PMI Data, Looking Ahead to ECB Meeting   AUD/USD Rally Approaching Initial Resistance Targets   AUD/USD Rate Rally Stalls Ahead of 2017-High; RSI Sell Signal on Tap   USD & JPY Get Haven Bids as Trump Protectionism Returns   USD/CHF to See a Reprieve as Price Rebounds Off Support   USD/JPY Responds to Confluent Support- Rebound to Offer Opportunity   Bitcoin Bloodbath: Prices Nearing Support, Is Relief in Sight?   A Weekly Technical Perspective on USD/JPY, EUR/JPY, Crude Oil   Crude Oil Price Breakout Testing Initial Resistance Targets Advertisement Upcoming Events Economic Event Importance Actual - Forecast - Previous Importance Actual - Forecast - Previous Forex Economic Calendar A:  Actual   F:  Forecast     P:  Previous NEWS Articles Real Time News Daily Briefings Forecasts DailyFX Authors TECHNICAL ANALYSIS Articles Analyst Picks Support & Resistance Pivot Points Sentiment CALENDAR Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar EDUCATION Forex Trading University Trading Guide DAILYFX PLUS RATES CHARTS RSS Past performance is no indication of future results. 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