The Dollar-Index (DXY) is trading around a decisive level. Between 103.94 and 103.84 the DXY has printed a number of highs and lows over the past few weeks and a larger movement is very likely to come. If the better risk sentiment persists, the Dollar's downside momentum could continue. But broken down into individual currency pairs, the probability of the Dollar moving up or down in the coming days is more evenly balanced. In the bigger picture Dollar bears need a break of the 102.50/101.30 support zone. Above 105.00, the short scenario is over for now.
(source: fxstreet.com)
EURUSD -- 1.0586
As long as the Euro trades below the 1.0700 treshold, I stick to my recommendation to use any strength to buy downside protection. Important resistance can already be found at 1.0636 (former support/resistance) and the 50 ema (1.0645) but a short run of 50 pips or so above resistance is of course possible. Euro bulls do not want to see the pair below 1.0500/1.0470 again.
USDCHF -- 0.9545
Longs in Swiss franc against the Dollar have been my favorite Dollar short (next to USDJPY which was wrong). Although the currency pair is trading around 5% lower since the last high, I do not think we have seen the bottom yet. There is still some room to the downside with 0.9460 as a reasonable target. That would reverse the entire rally since mid-April. Then you can start to reassess the situation.
GBPUSD -- 1.2262
The difference in the opening and closing prices of the daily candles has been very narrow for several days. This condition will not last forever, only a catalyst is missing. As such, the price could break out in any direction and I would stay away from the currency pair until then. Nevertheless, you can define the support zone around 1.2170/56 and find resistance around 1.2333/37.
Good luck,
Sebbo