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Lots of top-tier reports on tap this week! Here are chart levels and potential catalysts that might affect the major dollar pairs. Check it!

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

Potential Catalysts:

1. Top-tier U.K. reports – This week we’ve got not one, not two, but THREE major events coming up from the U.K.! The party will start with a CPI report and a presser by Mark Carney tomorrow, which will be followed by a retail sales report on Thursday.

If the reports turn out to be as positive as last week’s releases did, then we might see more BOE members shed their dovish feathers in favor of hawkish ones.

2. BOJ and ECB policy statements – Thursday will be a yuuuuge day for monetary policy with both the ECB and BOJ printing their decisions for the month of July.

Traders aren’t expecting any changes from either central bank, but we MIGHT get a bit more less dovish remarks from Draghi than the BOJ. Will it lead to more gains for the euro? I hope for my EUR/USD trade that it does!

3. More losses for the dollar? – Last week traders were generally underwhelmed by Yellen’s testimony as she carefully balanced out her hawkish remarks with her dovish ones.

At the end of the day (or two-day event) we didn’t know anything that we already found out from other FOMC members. Unfortunately, the lack of hawkishness from the Fed head honcho spelled trouble for the dollar. Will dollar bears extend the selloff this week?

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