DXY, USD/CAD, USD/CHF, USD/JPY, Gold, Equities Weekly Technical Outlook
Sr. Technical Strategist Michael Boutros highlights the levels that matter on the USD Majors, commodities, and equity indices charts this week.
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Weekly Technical Trade Levels on USD Majors, Commodities & Stocks
- Technical trade setups we are tracking into the start of the week on the USD Majors, commodities, and equity indices.
- Next Weekly Strategy Webinar: Monday, July 20 at 8:30am ET
- Review the latest Video Updates or Stream Live on my YouTube playlist
In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Swiss Franc (USD/CHF), Gold (XAU/USD), Crude Oil (WTI), Bitcoin (BTC/USD), S&P 500 (SPX500), Nasdaq (NDX), and Dow Jones (DJI). These are the levels that matter on the technical charts into the weekly open. The assets are chaptered on the recording for your convenience.
Canadian Dollar Price Chart – USD/CAD 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CAD on TradingView
Notes: USD/CAD is testing uptrend support at the lower parallel of the May slope. The weekly opening range is taking shape just above – look for the breakout for guidance here. Initial support rests with the November high-day close at 1.4109 backed by the 23.6% retracement of the May advance at 1.4084. Losses below this threshold would suggest a more significant high is in place and a larger trend reversal is underway towards the 2022 high / 38.2% retracement at 1.3978/82.
Monthly open resistance stands at 1.4197 with key resistance steady at the March 2025 swing lows at 1.4235/39. A breach / daily close above this pivot zone is needed to fuel the next major leg of the advance towards the 61.8% retracement of the 2025 decline at 1.4292.
Bottom line: USD/CAD is trading into multi-month uptrend support – look for a breakout of the week opening range. From a trading standpoint, losses would need to be limited to 1.4084 IF price is heading higher on this stretch with a close above 1.4239 needed to fuel the next leg of the rally. Keep in mind we get the release of key U.S. inflation data tomorrow ahead of the BoC rate decision. Stay nimble into the releases and watch the daily close for guidance. Review my latest USD/CAD Weekly Forecast for a closer look at the longer-term USD/CAD technical trade levels.
Swiss Franc Price Chart – USD/CHF 240min
Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/CHF on TradingView
Notes: USD/CHF is testing major resistance into the start of the week at 8100/25- a region defined by the November high-day close (HDC), the August high close, and the November swing high. This key pivot has been a major inflection zone since last year and a breach / daily close above is needed to fuel the next leg of the rally.
A topside breach exposes the medina-line (currently near ~8150s) backed by the 100% extension of the January advance and he 38.2% retracement of the 2025 decline at 8200/15. Look for a larger reaction there IF reached.
Monthly open support rests at 8083 backed closely by the January high at 8041. Bullish invalidation remains with the 38.2% retracement of the May advance and the April high-day close (HDC) at 7995-8009. A break / daily close below this threshold would suggest a more significant high was registered and a larger trend reversal is underway.
Bottom line: USD/CHF is testing major resistance at a key technical pivot zone. From a trading standpoint, losses should be limited to the lower parallel IF price is heading higher on this stretch with a close above 8125 needed to fuel the next leg higher.
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--- Written by Michael Boutros, Senior Technical Strategist
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