USD Maintaining Dominance (USDX, USD/JPY, EUR/USD)

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USD Maintaining Dominance (USDX, USD/JPY, EUR/USD)

The US Dollar was strong last week after the FOMC meeting. It stalled by the end of the week, but bulls are still in charge as we open a new week, at least when looking at the USD Index, USD/JPY and EUR/USD charts.

The USD Index rallied from 84 to 84.81 after the FOMC meeting, breaking the 2013 high of 84.75. The 2010 high of 88.70 is now exposed, but we might want to anticipate some consolidation around 85.00 with the weekly RSI showing overbought conditions. The USD/JPY continued its uptrend after the FOMC meeting, and has upside toward the 110-110.70 area, where we should anticipate some consolidation. EUR/USD has further downside due to the current bearish momentum, but there will be key support factors in the 1.2750-1.28 area. When the weekly down to 4H charts shows oversold condition, we can expect some consolidation as price approaches, or tags the 2013-low at 1.2745.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.