The US$ index remains poised just below and the EUR$ index just above their key 100 level with these respective S/R levels remaining as the ones to watch for clues about the next directional move on each index.
USDX monthly: the 100 level has been giving this index grief for for over two years now!
USDX weekly: This is still setting up as a broadening wedge which could break either up or down but the index closed with a bearish weekly candle although still above a weekly support trend line:
USDX daily: I’m still watching to see whether the index will make a clean make or break away from this 100 S/R level:
EURX weekly: closed the week with a bearish coloured Doji.
EURX 4hr: note the bounce up from the 100 level:
Calendar: there aren’t too many High Impact data items slated this week for the US$ or EUR$ but note all the second and third tier data items. There might be greater impact from the political space though this week as traders eye the current US Healthcare debate as some gauge of the potential success of the new US Government administration.
Summary: I still consider that currency trading might remain choppy until there is a new and clear-cut directional move on the US$ index and I’m watching for clues as to whether any such move will be to the upside or downside.