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Looks like the major dollar pairs are flirting with significant areas of interest this week! Will we see a continuation of tight forex ranges? Or will we finally see breakouts? Here’s a neat guide for all you dollar traders out there!

1-Hour Charts of the Majors

Purple Line: weekly open prices (WO)
Blue Line: weekly highs and lows (PWH, PWL)
Red Line: top and bottom weekly ATRs (tWATR, bWATR)
Blue MA: 100 SMA
Red MA: 200 SMA

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

WO

PWH

PWL

tWATR

bWATR

1.0629

1.0793

1.0607

1.0724

1.0534

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

WO

PWH

PWL

tWATR

bWATR

1.2480

1.2582

1.2348

1.2621

1.2339

USD/JPY 1-hour Forex Chart
USD/JPY 1-hour Forex Chart

WO

PWH

PWL

tWATR

bWATR

113.57

113.87

111.60

114.90

112.24

USD/CHF 1-hour Forex Chart
USD/CHF 1-hour Forex Chart

WO

PWH

PWL

tWATR

bWATR

1.0031

1.0063

0.9904

1.0111

0.9951

Potential Catalysts:

1. Yellen’s testimony – Tomorrow we’ll hear from Janet Yellen as she conducts her semiannual testimony in front of the Senate Banking Committee in Washington. Market players will be watching it closely for any signs that the Fed has made adjustments to its hawkish stance since Trump has taken the Oval last month. Keep an eye out for any hints of possibly toning down the Fed’s 3-rate-hikes-in-2017 plan!

2. U.K.’s top-tier event releases – As Forex Gump mentioned in his post, the U.K. will release its inflation, employment, and retail sales reports throughout the week. Remember to keep closer tabs on the employment numbers, as the BOE seems obsessed with wages and its impact on consumer spending lately.

3. Economic reports from the U.S. – Unless Trump makes any more “phenomenal” or equally market-moving statements, forex traders will likely pay attention to major U.S. reports on tap this week. The U.S. CPI and retail sales reports will be printed on Wednesday, while building permits and the Philly Fed manufacturing index will come out on Thursday. Stay sharp!

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P.S.: Remember to never risk more than 1% of a trading account on any single trade and to adjust position sizes accordingly. Create your own ideas and don’t follow what I do. Better yet, read the Risk Disclosure!

See also:
My Q4 2016 Forex Trade Review and Reflections
HLHB System’s 2016 Performance Summary
Read the risk disclosure!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.