Euro dollar pair this week tumbled by 2%. Strong dollar is pushing major currencies on lower level but technically euro is near oversold zones. From here downside looks limited as major indicators and oscillators signaling the same. On downside eur usd major support zones are 1.0830 and 1.0700.these are entry levels for medium to long term investors. On upside 1.1250 and 1.1370 are major resistances as well as medium to long term targets.
Pound dollar pair this week continued downtrend and heading towards previous low of 1.1960. This was sixth losing week for pound. In these 6 weeks pound almost lost 6-7%. This downside might continue in upcoming weeks and expect lower levels up to 1.18 to 1.15 in medium to long terms. Last stage of downside will be panic fall but that will be investment opportunity for forex investors.
Aussie dollar pair this week closed flat positive. After recovery from 0.7150 lows, Aussie dollar is now is in consolidation phase. Outlook is bullish and on downside aud usd weekly chart support zones are 0.75 and 0.7430. These are long entry zones for targets 0.77 to 0.7750 in next week. Above 0.7830 we will see another big swing move from medium to long term view.
Dollar yen pair this week closed with gain. This was third positive weeks for pair and usdjpy after hitting low near 100, recovering on buying as well as strong us dollar pushing pair on higher side. This week dollar has given breakout above 103 against yen which is fresh buy signal for pair and target is at 107.4. On downside 102.7 and 101 are strong support zones as well as reentry zones for swing traders.
Dollar franc pair this week closed at 0.9901 with gains over 1%. In last 3 weeks timeframe we seen 300 pips rally in this pair because of stronger dollar. This strong move might extend up to 0.9950 and 1.0010. On downside 0.9750 and 0.96 are strong support and reentry zones on correction. From long term view, this fresh move on monthly chart has potential to breech previous high of 1.0030 and might set fresh new high.
Dollar loonie pair this week closed at 1.3137 with loss of almost 1%. Usd cad after strong fall up to 1.2450 recovered slowly but strongly and hit recent high up to 1.33. But now look like bounce back move is over and from here we will see continues downside. On downside 1.30 and then 1.28 will be target zones for this pair in upcoming weeks. Monthly chart price as well as indicators/oscillators pattern suggesting usdcad might set fresh low below 1.24 in medium to long terms.