Weekly Forex Forecast For January 15-19, 2024

by Justin Bennett  · 

January 13, 2024

by Justin Bennett  · 

January 13, 2024

by Justin Bennett  · 

January 13, 2024


Today I’m going to show you exactly how I’m trading the US Dollar Index (DXY), EURUSD, USDJPY, USDCHF, and USDCAD.

Markets remain indecisive with the DXY leading the way.

However, the opportunities are there to be had with the right amount of patience, and today’s video has all the details.

I’ll discuss all of that and more in today’s video, including key levels and targets for next week.

Let’s begin!

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US Dollar Index (DXY) Forecast

The US dollar remains sideways as we enter the third week of 2024.

And with the dollar being one of the main drivers of financial markets, it’s no surprise to see many markets starting the new year in a daze.

However, despite the lack of action from the DXY, the technicals couldn’t be better.

Levels like 101.90 support and 102.60 resistance are well-defined and respected, at least on a daily closing basis.

That means it’s going to take a sustained break above 102.60 on the daily time frame to open up levels like 103.50 and 104.20.

Alternatively, the bearish scenario for the DXY would materialize on a sustained break below the 101.90 level toward 100.85 and 99.60.

I remain cautiously bullish on the dollar while above the 101.90 mark.

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EURUSD Forecast

With the DXY sideways, it’s no surprise that EURUSD has been uneventful so far this year.

And that’s an understatement.

For eight days now we’ve seen EURUSD trade in a 120-pip range.

As for key levels, 1.0880 remains support with a sustained break below that exposing the 1.0755 low.

On the other hand, a sustained break above 1.1000 on the daily chart would be bullish toward 1.1140.

I remain cautiously bearish on the euro while the pair is below 1.1000 on a daily closing basis.

USDJPY Forecast

USDJPY has been one of the more active major currency pairs thanks to the volatility of the Japanese yen.

We saw the pair rally above the 144.80 level, which seems to have held as support, although just barely.

If USDJPY can hold above that mark early this week, we could get a run toward 146.50.

However, there are a couple of requirements for that to occur.

First, the yen futures need to hold below the 0.0069850 level I’ve discussed recently.

Second, we need to see some bullish follow-through from the DXY.

It’ll be tough to see any meaningful rally develop from USDJPY without a 102.60 reclaim from the dollar index.

Alternatively, a sustained break below 144.80 would open up the 142.00 support region.

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USDCHF Forecast

USDCHF is one of those pairs that I don’t trade often, but can occasionally have some really clean technicals.

While there isn’t anything to do at the moment, I’m keeping a close eye on 0.8580 this week.

It’s served as resistance for USDCHF following the break below in December.

However, if the DXY can reclaim 102.60 next week and USDCHF can get above 0.8580 on the higher time frames, a long would be incredibly appealing.

It isn’t the likely scenario right now with USDCHF holding below that area, but higher time frame fakeouts are one of the highest probability setups in the Forex market.

Be sure to keep USDCHF on your watchlist just in case.

USDCAD Forecast

So far, so good from USDCAD.

As VIP members know, I entered long at 1.1333 at the beginning of January.

The entry was based on the daily reclaim of the 2021 trend line that I’ve discussed on this website several times.

The second step for the reclaim was a sustained break above 1.3380, which we got last week.

Furthermore, USDCAD closed last week above the previous week’s high, confirming bullish intent for the coming week.

Of course, there are no guarantees, and I still want to see the DXY reclaim 102.60 next week to help support a bullish dollar thesis.

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