2.3 Short term trading strategies for major foreign exchange currencies

2025-02-03 1504

Technically speaking, the US dollar index encountered resistance when rising below 108.60 last Friday, and was supported when falling above 107.75, indicating that the US dollar may maintain its upward trend after a short-term decline. If the US Composite Index stabilizes above 109.00 today, the target for future gains will be between 109.75 and 110.00. Today, the short-term resistance of the US index is between 109.70 and 109.75. The important short-term resistance is between 109.95 and 110.00. The short-term support of the US index is between 109.00 and 109.05. The important short-term support is between 108.70 and 108.75

The EUR/USD fell above 1.0350 last Friday and received support, while its rise was blocked below 1.0435, indicating that it may maintain a downward trend after a short-term rise. If today's rise encounters resistance below 1.0305, the target for future decline will be between 1.0190 and 1.0170. Today's short-term resistance is between 1.0300-1.0305. The important short-term resistance is between 1.0335 and 1.0340. Today's short-term support is between 1.0190 and 1.0195. The important short-term support is between 1.0370 and 1.0375

Gold received support for its decline above 2790.00 last Friday, while its rise encountered resistance below 2818.00, indicating that gold may maintain its upward trend after a short-term decline. If gold stabilizes above 2785.00 today, the target for future increases will be between 2813.00 and 2828.00. Today, the short-term resistance of gold is between 2812.00 and 2813.00. The important short-term resistance is between 2827.00 and 2828.00. The short-term support for gold is between 2785.00 and 2786.00. The important short-term support is between 2774.00 and 27775.00

The short-term trend of the US dollar today is mainly to buy on dips, break down and stop losses. If there is a profit of more than 30 points, set a stop win and withdraw all pending orders that have not been executed before the US market opens. This strategy is suitable for margin trading and can be used as a reference for actual trading.

The US dollar index can be bought at the lower limit of the range of 109.75-109.00, with an effective break of 30 points to stop loss, and the target is at the upper limit of the range.

EUR/USD: You can sell at the upper limit of the range 1.0300-1.0190, effectively breaking the 40 point stop loss and targeting the lower limit of the range.

GBP/USD: You can sell within the upper limit of the range of 1.2335 to 1.2230, with an effective break of 40 points and a stop loss at the lower limit of the range.

USD/CHF: You can buy at the lower limit of the range of 0.9180-0.9130, with an effective break of 30 points to stop loss, and the target is at the upper limit of the range.

USD/JPY: You can buy at the lower limit of the range of 156.05-155.15, with an effective break of 40 points to stop loss, and the target is at the upper limit of the range.

AUD/USD: You can sell within the upper limit of the range of 0.6170 to 0.6130, with an effective break of 30 points and a stop loss at the lower limit of the range.

USD/CAD: You can buy at the lower limit of the range from 1.4750 to 1.4670, with an effective break of 40 points to stop loss, and the target is at the upper limit of the range.

Gold: You can buy at the lower limit of the range from 2812.00 to 2785.00, with an effective stop loss of $10 and a target at the upper limit of the range.

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