FOREX Market Wrap: 2nd July

The Forex Market Wrap is here!

Watch the video to learn what key levels have been hit this week!

In this week’s Forex Market Wrap, we’ll see how the markets performed this week.

EUR/USD

The US Dollar continued to gain strength, and we saw the likes of EUR/USD push to the downside and break into fresh lows. The USD remained pretty strong. The recent NFP data was a little bit mixed. However, this bullish period could continue if we continue to make lower lows.

If we start to see strong bearish candlesticks next week, we could anticipate a continuation of this trend into major swing lows.

The EUR/USD price was bearish this week after the USD continued to strengthen. The recent NFP reports were mixed but led to weakness in the USD. The strength should continue this week if the price continues to form lower lows.

USD/CHF

The USD/CHF was one to watch, especially because the Swiss Franc was looking weaker on the strength meter. The price continued, and we had a nice retest of this support at the end of last week, with the momentum continuing this week.

The USD/CHF rallied higher in line with our expectations due to the Swiss Franc weakness in the market, which looks set to continue. The price making a new higher high on the daily timeframe shows that the uptrend will likely continue.

A strong bullish close for the USD/CHF could be a sign that the price will continue to move higher in the future.

Silver

Typically, Silver (XAG) rallies throughout July. So, we are anticipating a nice bullish run. We haven’t confirmed higher high candlestick closes yet because we want to look for two closes above the neckline area instead.

We can look at this next week to see if we get two higher high closes, then look for long opportunities off the previous structure zone.

The price of XAG is one to watch this month due to its seasonal bias. Typically, the price rallies through July. However, we need the price action to agree first. At the moment, the price hasn’t confirmed a new higher high yet. Until that forms, we need to wait.

So that’s all we’ve got for this week’s Forex Market Wrap.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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