Yesterday we saw Dollar strength after better than expected manufacturing data on Monday increased the chance of a December rate hike to 59% according to the Fed watch tool. It looks like markets have already started pricing in a hike though we know a rate hike in December is data dependent and that there are still a few very important releases due out of America this week before NFP. We also have a few FOMC members speaking between now and Friday. Should lackluster data be seen out of America over the coming days, we could see some profit taking on the current moves. If data is positive then the trend should continue – strong Dollar, weak Yen.

Upcoming US Data Releases
1. ADP Non-Farm Employment change
2. ISM Non-Manufacturing Employment
3. ISM Non-Manufacturing PMI

Note:
a. Please read Kate’s post on Forex Major Currencies Outlook everyday so you are up to date with the latest news. You can follow Kate here
b. Please be aware of risk events for the day by using the Forex.Today calendar
c. Watch Wayne’s webinar daily at 13:30 SAST or catch the recording on the Forex.Today Youtube Channel

USD Daily

Currently at MR1 and the top of the range. Bull target for the month is MR2. Should we fall from here the Bear target for the month is MS1 which is the bottom of the range.

USD H4

Came off WR3 during Asia with support at WR2. Keep an eye on the 21 EMA.

USD H1

Price currently at the H1 21 in a bullish market. The 21 predicts a higher high. Resistance highlighted in pink with support highlighted in green.

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