Weekly Forex Analysis: 20-24 February 2023


On the daily chart, DXY broke the descending trend line and created a new demand zone around 100.783-101.978 levels and showed enough bullish evidence to the upside.

Price moved sideways before it broke above the 104 resistance line suggesting that bulls are willing to push prices higher. For this week, we could see some sort of correction back down to 101.978 level before it resumes its bullish move to the upside. The next potential target is to break above the last week’s high and test the 106.852 level.

If the dollar doesn’t find enough willing buyers around 101.978 level, we could see price below around 99.239 level.

DXY Forex Analysis


On the daily chart, EURUSD created a new supply zone around 1.08775-1.10374 levels and showed enough bearish evidence to the downside.

As price tested the demand zone around 1.04789-1.06438 levels, we could see a retracement back up to test the 1.08775 level. If price finds enough sellers at this supply zone, we go short to 1.06438 and 1.04346 levels as potential targets.

EURUSD Forex Analysis


On the daily chart, AUDUSD created a new supply zone around 0.70329-0.71607 levels and showed strong bearish evidence to the downside.

Price found an opposing demand zone around 0.67144-0.68422 levels and retraced back up to test the 0.70329 level for more sellers. Price fell and started moving sideways between 0.68422 and 0.70329 levels.

If price manages to break above 0.70329 level, the next potential target is to test the 0.73626 level. If not, then a break below 0.67144 level will give us an opportunity to short the AUDUSD with a potential target at 0.65197 level.

AUDUSD Forex Analysis


On the daily chart, GBPUSD is still trapped inside a range between 1.18389 and 1.24570 levels. If price breaks above it, we short at 1.29650 level, and if it breaks below it, we go long at 1.16064 level.


On the daily chart, USDCHF created a demand zone around 0.90600-0.91427 levels and showed some bullish evidence to the upside.

Price retested this zone and failed to sustain a bullish momentum to push price higher above 0.93 level. If price returns to 0.91427 level and the zone holds, we could go long again to 0.93000 as a potential target for this week. If more buying breaks the 0.93 level, we place our target at 0.95117 level.

USDCHF Forex Analysis


On the daily chart, USDJPY retested the demand zone around 128.048-130.130 levels and showed some bullish evidence to the upside.

Price found resistance at 134.295 level. If it breaks above it, the next targets are 138.003 and 140.136 levels. If price retrace back down to retest the 130.130 level, we wait for bullish price action to go long.

USDJPY Forex Analysis

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