U.S. Dollar Strength To Continue?

The U.S. dollar continued its climb against the euro and British pound which was mainly due to higher Treasury yields.

The EUR/USD fell below 1.0760 and extended its tailspin towards 1.07. The area around 1.0660 is seen as a next lower support, whereas on the upside, the 1.0850-70 zone may serve as a resistance for now.

The pound sterling dropped below 1.2540 and further towards 1.2480. We see a next lower target at around 1.2440. A short-term resistance is however seen at 1.2550.

In the DAX there is nothing new to report since it remains trading within its sideways trading range between 16300 and 15600.

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Our trading ideas for today 7/9/23:

EUR/USD

Long @ 1.0760

Short @ 1.0715

GBP/USD

Long @ 1.2530

Short @ 1.2490

DAX® (GER40)

Long @ 15760

Short @ 15670

Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

We wish you good trades!

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