Forex Trading the week of 02\/08\/2026: USDX, EU,UJ,GU

Note: NFP this week! 

USDX: Forex Strategies Bearish: Currently, we are in a possible Head and shoulder pattern down.  We have the start of convergence on the hourlies for the short. The pairs should prove it out when the market opens. All of this could change in a heartbeat and will affect the currencies below. ATR’s are up over last week. Gold and Silver took a hit ( probably temporary) with the up move on USDX.  Below is based on USDX doing a H&S pattern. BE SMART - TRADE WITH STOPS!!!!

EURUSD

Forex Strategies Bullish: We are currently @ 1.1816 after a good bounce.  We are looking for a continuation to the2.618 Fibo @ 1.1934.  The ATR for the pair currently 90 pips and its 90-day average is 53 pips.  

USDJPY                            

Forex Strategies Waiting: We are currently @ 157.22 after a 5th  wave up. We are looking for a reversal (which takes time) and a continuation to the S4 @ 154.94 area.  The average daily true range (ATR) for the pair 147 pips and it 90-day average is 97 pips.

GBPUSD

Forex Strategies: Bearish for now:   We are currently @ 1.3612 in an ABC ( with the BC still ahead of us). After the ABC we are looking for a continuation  to the S5 @ 1.3357.  If USDX keeps down watch for a breakout. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 99 pips and it 90-day average is 72 pips.