Mid-Week Forex Outlook by Justin Bennett: DXY is range-bound with key levels at 104.70 support and 105.85 resistance. EURUSD remains bearish within a downward channel, hovering near 1.0800 support and facing resistance at 1.0870. GBPUSD consolidates above 1.2785 but stalls near 1.2900 resistance. XAUUSD’s direction hinges on US data and dollar moves. Watch upcoming economic releases for breakout potential.

Mid-Week Forex Outlook – August 6, 2025:

The US Dollar Index (DXY) tests critical support around 101.20, with bears controlling momentum below 102.60. A break below 101.20 could drive the dollar toward 100.30.

EURUSD eyes a major breakout above 1.1050 resistance, with a daily close here potentially targeting 1.1200 and beyond. Support holds near 1.0890–1.0920.

GBPUSD remains range-bound, balancing between key support and resistance as traders await directional clarity.

XAUUSD (gold) benefits from dollar softness, eyeing near-term gains amid risk sentiment shifts.

Continued focus on price action, levels, and patterns will guide trades this week.

— Analysis by Justin Bennett, originally published on Daily Price Action