• Dollar Ranges Looking Tired, Trend Signs Are There
• EUR/USD Gartley Sends EURUSD a Big Figure Lower
• USD/CHF Symmetrical Retracement Finds 1.3070 Support

Just flew back last night from the Forex Expo in Ft. Lauderdale this weekend and am disappointed to report that I don't have even a hint of sun tan. It was a busy yet enjoyable weekend and I had the opportunity to meet many of you.

Moving to business for the opening week of the new month, we find the Dollar strength that could be possibly setting the tone for a lasting trend that finds EUR/USD 1.1700 and USD/JPY 121.00. I had a EUR/USD trade against 1.2140-50 with 75+ stops looking for the push towards 1.2000. We are fast approaching 1.2000, but not without first seeing a 1.2179 Friday morning. So likely the trade stopped out before price turned south for good, which is unfortunate, but not unexpected as we are still well contained in the range and are trying to position ourselves for the range break to a trend which might require a couple of swings.

Look to offer EUR/USD into the 1.2085 retracement for continuation down towards daily channel support at 1.2015. Stops should be above 1.2105.

USD/JPY has a series of trendline supports and resistances to contend with. The long-term daily trend resistance remains intact just above us at 118.60 while two-hour trend resistance was violated and has now turned to support at 118.00. You will also notice the gray uptrend parallel channel that offers further support at 118.00.

While Dollars look bid against Euros and Yen, I think the best setup is in Swissy at the trend line retest to support with a scale down long entry at 1.3070 and 1.3050 with stops below 1.3045. Symmetry will exist if the current pullback ends at 1.3073 as compared to the most recent pullback beginning at 1.3085, but the hourly trendline will likely be tested at 1.3050, which is why we suggest scaling your entries. Look to take profit on a partial and move your stop loss to breakeven when current unrealized profit equals your initial stop loss risk. Trail the stop higher after that and be aggressive with your stop when the recent 1.3140 is re-tested.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.