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January 24, 2022

This Week's USD Forecast

Frank Cabibi

The dollar index has seen a 1.5% gain from the lows it bounced from including a 0.38% gain on the day today. COT neither suggests the upside or downside of the dollar as it appears big money is decrease their foothold in the dollar altogether. However, we are seeing a move away from risky bets like crypto and stock market plays followed by a move towards risk-off bets. So, here's this week's USD forecast.

USD Forecast- Best Pairs

USD/CAD (Bullish Bias)

usd forecast
USDCAD breaks above clean resistance on the 1D chart after bouncing above the rising trend line paired with the 200 DMA. More resistance sits above around 1.27462.

USD/JPY (Bullish Bias)

USDJPY fell to support on a rising trend line and is looking to test resistance around the 50 DMA. If price can hold itself above this trend line, we can expect a further move to the upside to possibly test a higher high.

AUD/USD (Bearish Bias)

Aussie-dollar looks bearish as Australia's government is slower to move towards a tighter monetary policy. CPI is also expected to come out higher this quarter than the last. It looks like price will want to come down to test support around 0.69938 before it makes another directional decision.

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