The Euro to US dollar pair has been close to its support level for quite some time now, struggling to rise, it has been fluctuating insignificantly right above the level. Reaching the support level might mean reversal of trajectory for the moving average of the pair. The future of the EUR/USD is under question as corona virus cases keep rising in Europe and US still has the highest recorded number of cases. As an effort to contain the advance of outbreaks, Europe has made a decision to halt travel from the US, this will no doubt add to the already strenuous political relationship between US and the EU.
The US dollar to Japanese yen pair has been on an incline projection. The currency is expected to reach its resistance level as it has a steady upward pace. Despite this, it is most likely that the pair will slow down and start to level off as it nears the resistance level. The 50-day moving average of the dollar is having a hard time surpassing the 200-day moving average. This means that bearish investors still have a hold of the trading ground. The threat of increasing cases of the Covid-19 virus continues to wreak havoc on markets all around the world, however more strongly in the US than in some other areas. As the US retains its unpopular title for the highest amount of cases recorded, bearish investors might find a chance to massively capitalize.
The recovery of the Australian dollar has fallen under question, as new cases surge in the country and across the world. This led to somewhat of a reversal in prediction of the pair’s trajectory, as most traders were expecting a U-turn in the chart, now the forecast is not as optimistic. The facts are that the ASX saw the worst session it’s had in 2 weeks and Australian shares closed 2.5% lower that on Thursday. The situation of the AUD is not helped by the delay in finalizing the deal between the US and China. All in all, the Australian dollar has its work cut out and traders will need to put considerable effort into trying to curb the downward movement.
The Swiss franc has a strong position this week, as this month is dominated by the news on monetary policy announced by the Swiss National Bank. This being the case, the British pond to Swiss franc pair is on a downward trajectory, keeping the figures on an overall path to its support level. The 50- day moving average shows a significant drop when compared against the 200-day moving average. Meanwhile, the Great British pound has been lagging behind its forecast in the midst of continued negative sentiment, the source of which is the uncertainty around the pandemic and Britain’s ability to contain it.
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