USD Outlook: EUR/USD, GBP/USD, AUD/USD Technical Setups

US CPI and a dovish dollar repricing has impacted numerous USD pairs. Find out where major FX pairs are positioned at the start of the week with the help of the CoT report

IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 81.90%, while traders in Wall Street...With the French legislative elections behind us the euro has enjoyed renewed vigor – largely off the back of a sharp dollar decline as the expectation of a Fed cut in September is almost fully priced in.s with ease. The pair now has a major resistance zone in its sight – the zone between 1.0942 and 1.0960. The two levels correspond with the 50% and 61.

The sharp dollar selloff has only strengthened the bullish move in cable, catapulting the pair to a new yearly high. The next significant level of resistance appears at the July 2023 swing high of 1.3142 but the risk of overheating has become more apparent now that the RSI looks to recover from overbought territory. It is not unusual for markets to take a breather after such a rapid rise, meaning a short term correction cannot be ruled out at this stage.

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