USD, EUR & GBP Scalp Bias at Risk Ahead of FOMC, ECB, BoE, NFP
EURUSD Daily Chart
Chart Created Using FXCM Marketscope 2.0
Technical Outlook
EURUSD rally halts at 1.3293 (6/19 Close – June High)
Topside advances likely limited- Breach targets key resistance 1.3340 (Fib Confluence)
Interim Support 1.3226- Break targets objectives at 1.3160 and 1.3084/1.3112
Daily RSI break back below 60 to offer conviction
Key Events Ahead: Unemployment Rate & CPI on Wednesday, ECB on Thursday, NFPs on Friday
GBPUSD Daily Chart
Technical Outlook
GBPUSD Correction halts at Key Resistance range 1.5395-1.5435 (primary objective)
Broader outlook remains bearish sub-1.5550/77 (50% & 78.6% Retraces, 200DMA, TL Res)
Key interim support range 1.5265/80 ( Fib Confluence & 100DMA)- Break targets 1.51701, 1.5012
Daily RSI turns over ahead of 60-threshold (bearish), TL resistance dating back to June high
Key Events Ahead: BoE interest rate decision, NFPs on Friday
USDCHF Daily Chart
Technical Outlook
USDCHF Correction halts at 78.6% Fib confluence at 9260 objective cited last week
Break below targets key support 9200
Broader outlook remains weighted to the topside above 9186-9200 (100% Fib Ext)
Key Interim Resistance range 9312-9333- Breach targets 9366, 9440/50
Daily RSI reversing ahead of 40-threshold/ TL support dating back to June (Bullish)
Key Events Ahead: Manufacturing PMI on Tuesday, NFPs on Friday
USDCAD Daily Chart
Technical Outlook
USDCAD Correction halts at key support range 1.0235/66
Break below eyes support targets at 1.0120- 1.0158 (Broader bias constructive above this mark)
Resistance at 1.03, 1.0347 and 1.04- Breach puts topside back in focus
Daily RSI probing below 40-threshold- Topside trigger break offers conviction on long scalps
Key Events Ahead: May Canadian GDP on Tuesday, NFPs on Friday
USDOLLAR Daily Chart
Technical Outlook
USDOLLAR correction loses steam just below 10,740 support target
Risk of a slide into Fib Confluence support at 10,675 remains below 10,770
Broader outlook remains weighted to the topside above 10,585- 10,611 support range
Daily RSI still has some room before test of 40-threshold- Trigger break puts longs into play
Key Events Ahead: FOMC, US GDP and ADP on Wednesday, ISM manufacturing on Thursday and NFPs on Friday
Reviews today’s Scalp Webinar for further insights and current trade setups
For updates on this scalp and more setups follow him on Twitter @MBForex
---Written by Michael Boutros, Currency Strategist with DailyFX
To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list
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