FxWirePro: Currency Weekly Outlook

US Dollar index is trading extremely flat and shown a minor decline after hitting a high of 98.54 level. The US-China trade progress will be major things to be focused and investor expects China may retaliate after US President Trump signed a bill supporting Hong Kong protester. The index hits a low of 98.23 and is currently trading around 98.32.

.Markets eye ECB President Lagarde's testimony before the European parliament, US ISM manufacturing today, services PMI on Wednesday, US NFP and Canadian jobs data on Friday. OPEC will be meeting on Thursday and will be discussing the production cut extension. Saudi wants OPEC to keep oil prices higher ahead of Aramco IPO.months.

The yellow metals continue to trade lower after forming a temporary top around $1478. Any break beyond $1480 confirms slight bullishness.

US 10-year yield is trading higher for the past 1- week and jumped more than 5% from low of 1.73%. The spread between US 10-year and 2-year has widened to 12 bps.

Weekly Technical:

EURUSD:

Major trend reversal level- 1.10980

Near term support- 1.0980/1.0935

Near term resistance – 1.110/1.1180

USDJPY:

Major trend reversal level- 110

Near term support- 107.80/106.40

Near term resistance – 110/112

USDCHF

Major trend reversal level- 1.0030

Near term support- 0.9870/0.97700

Near term resistance – 1.0030/10060

USDCAD

Major trend reversal level- 1.3385

Near term support- 1.3180/1.310

Near term resistance – 1.3385/1.3435

Gold

Major trend reversal level- $1445

Near term support- $1445/$1415

Near term resistance – $1480/$1500

WTI Crude

Major trend reversal level- $58.75

Near term support- $56.20/$55

Near term resistance – $58.75/$60.50