Let me bring to your attention the comprehensive analysis of the options of movement #USDX, EUR / USD, GBP / USD and USD / JPY from August 01, 2019. The proportion of these instruments in the calculation of the dollar index is 83.1%.
Minor (Daily timeframe)
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US dollar Index
On August 1, 2019 the development of the dollar index movements #USDX will be determined by the processing and the direction of the breakdown of the boundaries of equilibrium zone (98.20 - 97.90 - 97.60) Minuette operational scale fork. Look at the animated graphics for the markup movement within this zone.
The breakdown of the support level of 97.60 at the lower boundary of the ISL38.2 equilibrium zone of the Minuette operational scale fork will determine the development of the dollar index movement in the 1/2 Median Line channel (97.60 - 97.30 - 97.00) of the Minor operational scale fork.
On the other hand, during the breakdown of the upper boundary of ISL61.8 (resistance level of 98.20) of the Minuette operating scale fork, the upward movement of #USDX can be continued to the targets - maximum 98.37 - warning line UWL38.2 Minor (98.50) - control line UTL Minor (98.70) with the prospect of reaching the final FSL Minuette lines (99.40).
The markup of the #USDX movement options from August 01, 2019 is shown in the animated graphic.
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Euro vs US dollar
The development and direction of the breakdown of the equilibrium zone (1.1107 - 1.1150 - 1.1180) of the Minuette operational scale fork on August 2019 will determine the further development of the movement of the single European currency EUR / USD. See the details of the movement within this zone in the animated graphic.
The breakdown of the upper boundary of ISL38.2 (resistance level of 1.1180) of the equilibrium zone of the Minuette operational scale fork will determine the further development of the movement of the single European currency in the 1/2 Median Line channel Minuette (1.1165 - 1.1210 - 1.1245), and if there will be a breakdown of the upper boundary (1.1245) of this channel, then the upward movement can be continued to the initial SSL (1.1320) and control UTL (1.1370) lines of the Minuette operating scale fork.
Meanwhile, if EUR / USD breaks through the lower boundary of the ISL61.8 (support level of 1.1107) of the Minuette equilibrium zone of the fork, this will make it possible to continue the development of the downward movement of EUR / USD to the final Schiff Line (1.1040) and to the final FSL line (1.0950) Minuette operational scale fork.
The details of the EUR / USD movement options are shown in the animated graphic.
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Great Britain pound vs US dollar
From August 1, 2019, Her Majesty's GBP / USD currency will begin to develop movement depending on the direction of the range breakdown :
- resistance level of 1.2185 (upper boundary of the ISL38.2 equilibrium zone of the Minor operational scale fork);
- support level of 1.2120 (starting line SSL for the Minuette operating scale fork)
The breakdown of the resistance level of 1.2185 at the upper boundary of the ISL38.2 equilibrium zone of the Minor operational scale fork will direct the development of the GBP / USD movement to the boundaries of the 1/2 Median Line channels of the Minor operational scale forks (1.2245 - 1.2375 - 1.2505) and Minuette (1.2505 - 1.2635 - 1.2755).
In the case of the breakdown of the initial SSL line (support level of 1.2120) of the Minuette operational scale fork, it will be possible to continue the development of the downward movement of Her Majesty's Currency towards the targets - the Median Line Minor (1.2025) - the lower boundary of the ISL61.8 (1.1865) equilibrium zone of the Minor operational scale fork - the final Schiff Line Minor (1.1785).
The details of the GBP / USD movement can be seen in the animated graphic.
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US dollar vs Japanese yen
Starting from August 1, 2019, the movement of the "rising sun country" currency movement will be determined by the testing and direction of the breakdown of the boundaries of 1/2 Median Line channel (107.55 - 108.30 - 109.00) of the Minor operational scale fork. The movement options inside this channel are shown in animated graphics.
A combined breakdown of the lower boundary of the 1/2 Median Line channel (support level of 107.55) of the Minor operational scale and the initial SSL line (107.40) of the Minuette operational scale will make it possible to continue the development of the downward movement USD / JPY to targets - local minimum 106.79 - control line LTL Minuette (106.60) - the upper boundary of the ISL38.2 (105.75) equilibrium zone of the Minuette operational scale fork.
If the breakdown of the upper boundary of the 1/2 Median Line channel (resistance level of 109.00) of the Minor operational scale is taken, then the movement of the rising sun currency will be directed to the 1/2 Median Line Minuette (109.35) and to the boundaries of the equilibrium zone (109.95 - 110.75 - 111.60) Minuette operational scale fork.
The details of the USD / JPY movement are presented at the animated graphic.
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The review was compiled without taking into account of the news background. The opening of trading sessions of the main financial centers does not serve as a guide to action (placing orders "sell" or "buy").
The formula for calculating the dollar index is:
USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.
where power ratios correspond to the weights of currencies in the basket:
Euro - 57.6% ;
Yen - 13.6% ;
Pound sterling - 11.9% ;
Canadian dollar - 9.1%;
Swedish krona - 4.2%;
Swiss franc - 3.6%.
The first coefficient in the formula gives the index value to 100 on the starting date - March 1973, when the main currencies began to be freely quoted relative to each other.
