The US dollar fell during a bulk of the week during the last 5 sessions, struggling at the 110 level. This is an area that has attracted a lot of attention recently, but I believe that the market should eventually be able to break above it. While the stock markets have broken down significantly over the last several sessions, this pair has remained relatively stable. Because of this, I believe that the market looks relatively healthy, so it would not surprise me at all to see this market make another attempt at the 110 level this week.
The EUR/USD pair broke down significantly during the week, slicing towards the 1.22 level before finding support. This is an area that begins massive support down to the 1.21 level, so ultimately, I think that we may get a little bit more softness this week, but I am a buyer and not a seller. This remains the case until we break down below the 1.20 level underneath. I suspect that the next week is going to be a bit sloppy.
The US dollar has rallied against the Canadian dollar as the oil markets have fallen apart during the week, but on Friday we ended up forming a shooting star. Because of this, I think the market will probably pull back initially, but I would expect to see buyers come in just below the 1.25 level this week. If we break down below the 1.23 level, then the market will almost undoubtedly go down towards the 1.20 level over the next couple of weeks.
The British pound fell against the Swiss franc during the week, after initially trying to rally. We are closing near the 1.30 level, so I think we could get a bit of buying over the next couple of sessions. If we can break above the 1.3050 level, then I think the market probably goes looking towards the 1.33 handle. Otherwise, if we break down below the bottom of the weekly range, the market probably goes down to the 1.26 handle.