The Forex market has started 2025 with some aggressive moves.

Bạn đang xem: Weekly Forex Forecast For DXY, EURUSD, GBPUSD, USDCHF, And USDCAD (January 6-10, 2025)

The DXY remains strong, pushing pairs like EURUSD and GBPUSD below critical levels.

USDCHF is facing a significant test, while USDCAD approaches its decade-long range highs.

Watch today’s Weekly Forex Forecast to see exactly how I’m trading these markets.

US Dollar Index (DXY) Forecast

The DXY tested a significant level this week at 109.53.

It’s a level I’ve had on my chart for months, as it marks the weekly imbalance from October 2022.

However, I’m not convinced this is the top for the US dollar.

In fact, the DXY could push toward 110.50 or even 111.00 in the coming weeks.

The structure of currency pairs like USDCAD suggests the dollar rally isn’t over yet.

That said, there are no guarantees, and it’s crucial to respect the 109.50 resistance level while the index remains below it on the higher time frames.

Key support for the USD index is at 108.60.

EURUSD Forecast

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EURUSD is breaking down to start 2025, something I mentioned several times in December.

While 1.0350 is an incredibly significant level, the downtrend since October and the series of lower highs into support signaled that a breakdown was imminent.

Additionally, EURUSD has a weekly and monthly imbalance near the 1.0000 region, which could act as a magnet during Q1 2025.

Even parity can draw a market, and I don’t think EURUSD will be an exception.

That said, Thursday’s retest of the 1.0222 key area, which extends to 1.0200, hints at a range-bound market for now.

Key resistance remains 1.0350, while a sustained break below 1.0200 on the high time frames could expose the next key support at 1.0090.

GBPUSD Forecast

GBPUSD broke down on Thursday from a consolidation pattern I highlighted to VIP members last week.

The first target for that breakdown was 1.2380, which GBPUSD tested on Thursday.

With the DXY pulling back from 109.50 resistance and GBPUSD reaching 1.2380, today’s relief rally isn’t surprising.

However, the pound lost a critical level this week at 1.2560.

That’s the 2022 trend line we’ve discussed for over a month, and this week’s breakdown could signal further losses ahead.

Even so, expect additional relief from GBPUSD as long as it stays above the 1.2380 area on a daily closing basis.

USDCHF Forecast

USDCHF has played out well for those who’ve followed my recent videos.

First, the pair broke its 2022 trend line near 0.8900, retesting it as new support on December 16th.

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Second, USDCHF appears to have closed last week above the weekly pivot at 0.9000, a level I’ve highlighted in recent updates.

Bulls need to keep the pair above this mark on the higher time frames for the outlook to remain constructive.

That said, this week’s high approached 0.9150, the range highs from May 2023, making it a critical test for USDCHF.

Longs should proceed cautiously following the rejection from that area.

For now, I’m expecting range-bound price action between 0.9000 and 0.9150.

USDCAD Forecast

USDCAD is up over 500 pips from the two-year breakout I shared in October.

At the time, I mentioned we could expect an aggressive rally given how long the pair had consolidated below 1.3870.

Recently, USDCAD has entered a consolidation phase as the market digests those gains.

As I noted to VIP members earlier this week, the key now is whether USDCAD can hold above 1.4380 on the higher time frames.

If it can, this area could act as a base before the pair tests its decade-long range highs at 1.4670.

However, buyers will need to overcome the 1.4450 range highs first, which won’t be an easy task.

On the other hand, a break below 1.4380 and 1.4340 would expose the confluence of support at 1.4265.

If we see a pullback to 1.4265, I’ll be a buyer there, though I’m unsure if we’ll get it given the US dollar’s strength this month.

Regardless, I remain bullish on USDCAD in Q1 with a target of 1.4670.