Daily Market Charts and Analysis July 27, 2020

Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.

USDSEK

The downtrend continues to drag bullish investors. The US dollar to Swedish krona trading pair is widely predicted to crash to its lowest level since April 2018 the pandemic continues to take shots against the buck. The decline should help bears assert more dominance over the market by pushing the 50-day moving average lower against the 200-day moving average. Looking at it, the Swedish krona has been one of the strongest currencies to take down the US dollar amidst the coronavirus pandemic. Some forex experts even believe that the Swedish krona’s run against the greenback is better than the Swiss franc, a safe-haven currency. However, the recently released economic data from Sweden has slightly weighed on the Swedish krona and it has prevented it from securing bigger gains after the pair break through its most recent support. Investors are waiting for further guidance from the scheduled Swedish producer price index for June later this Monday.

USDRUB

The decision of the Central Bank of Russia to reduce its interest rates to help their economy was very costly. It strained the strength of the Russian ruble, allowing the greenback to regain its dominance over the trading pair. Prices are now projected to go up towards their resistance level as the ruble faces several hurdles ahead of it. The move should allow bullish investors to prop up the 50-day moving average over the 200-day moving average to maintain their lead. Just last week, the Central Bank of Russia decided to reduce their interest rates from 4.50% to about 4.25%, making a 25-basis point cut. There aren’t any scheduled reports due today for Russia, the next one is due on Thursday, July 30 and it will be the central bank reserves. Bears are hoping that the number won’t go down as it will further add pressure to the ruble. And as for the US dollar, it’s success in the USDRUB trading pair doesn’t mean that it’s strong against other currencies.

USDCHF

Global macroeconomic fundamentals are fueling the Swiss franc, helping it take down the US dollar. Bears are once again successful as they break another support level for the US dollar to Swiss franc trading pair. Now, the pair is expected to crash towards its lower support and reach ranges last seen in January 2015. The crash should help bears strengthen their hold on the market, pushing the 50-day moving average lower against the 200-day moving average. The Swiss franc isn’t relying on economic data and is brushing off the effort of the Swiss National Bank. Bears are driving the pair main from concerns of the uncontrollable number of cases in the United States. And fears that the US federal government has done “too little, too late” in terms of response isn’t helping its cause. With the 2020 elections in America fast approaching, investors are waiting for polls and results as to who lead the US through these crucial times.

USDINR

The Indian rupee sees a tight trading range in its matchup against the US dollar. Prices are forecasted to steadily decline and hit their support level. Bears are very much benefiting from the week stance of the US dollar and with more stimulus packages coming in for the US economy, American currency should remain weak. That should help the Indian rupee minimize the distance of the 200-day moving average from the 50-day moving average by pushing the latter MA. Looking at it, the Indian rupee is bombarded by concern that it’s now weaker than the Bangladeshi taka. However, contrary to claims, the Indian rupee is still stronger than the taka. Moreover, the Reserve Bank of India will soon have a new group of monetary policymakers that would oversee its interest rates and policies. The six-member council will reportedly have four new members this 2020 and the change comes at a crucial time as India battles economic uncertainties.