Weekly Technical Outlook: Key Resistance Zones for Tesla, EUR/CHF, and the U.S. Dollar


 Ready to position yourselves ahead of this week’s market events?

This week we’re looking at Tesla’s consolidation while the U.S. dollar and EUR/CHF flirt with major resistance areas.

Don’t even think of missing these plays!

EUR/CHF: 4-hour

In case you missed it, EUR/CHF has been range-y since November when bulls and bears got over the excitement of finding a bottom in October.

This week, EUR/CHF is finding resistance at the .9925 zone that kept the bulls from attacking at least twice in the last month.

Will the resistance hold again this time? Stochastic is on the bears’ side with its “overbought” signal on the 4-hour time frame.

A clear break above the inflection point we’re watching opens EUR/CHF to a move to .9960 if not parity.

But if the range remains intact over the next couple of days, then you can price in a potential return to the .9880 mid-range or .9850 range support levels.

U.S. Dollar Index (DXY): Daily

Where my dollar-trading friends at?

The U.S. dollar index (DXY) is flirting with the 106.00 zone that bulls and bears have been minding since mid-2022.

In this case, the 106.00 area is not too far from the 38.2% Fibonacci pullback of October’s downswing AND a bearish SMA crossover on the daily time frame.

It also doesn’t help USD bulls that Stochastic is already chillin’ like a villain in the “overbought” territory.

Look out for bearish candlesticks that can set off a bearish momentum that would drag DXY to its 104.50 or 103.60 previous inflection points.

If dollar buyers get more support, however, then we can also see DXY hit higher resistance zones before seeing sustained selling pressure.

Tesla Inc (TSLA): Daily

Feel like trading U.S. stocks? Check out Tesla (TSLA)’s potential reversal!

TSLA is forming what looks like a Head and Shoulders pattern while it’s consolidating at a key support zone from late 2022 and the 50% Fibonacci retracement of 2022’s downtrend.

A clear break below the 185.00 levels can drag TSLA to previous areas of interest like 170.00 or 160.00.

Don’t discount further gains though! If markets applaud Elon Musk’s anticipated “Master Plan 3” then TSLA could retest its highs above 220.00 and head for previous highs like 240.00.