Mon, July 22, 2024

Daily Market Charts and Analysis June 17, 2020


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


The Swedish krona remains on the back foot against the euro in trading sessions. The pair is widely projected to continue to climb up to its resistance level by the end of the month. The move should help bullish investors push the 50-day moving average back higher against the 200-day moving average. Last month, the Swedish krona looked like it had the euro under its grip and will force the pair downward because it has low exposure to oil prices. However, as of today, it appears that it’s widely on the defensive. The exchange rate failed to break past its support area, and after it reached it earlier this month, it just bounced off. This provided a wide opening for bullish investors to push the pair back in green territories. Last week, the Swedish economy reported improvements in its consumer price index for May. Unfortunately, the results that were shown failed to support the Swedish krona against the euro as evident on the chart.



The Czech koruna isn’t backing down against the euro in trading sessions. The euro to Czech koruna exchange rate is flirting with a critical support area. And if bearish investors find a way to push past the current support, the pair should go further downwards and hit its lower support level by the end of the month. However, the tension between Russia and the Czech Republic could slow down the Czech koruna eventually in the coming days. Prague and Moscow are making back to back move in the recent sessions. In fact, Moscow even pledged that Prague’s actions will be appropriately responded. Just recently, the Russian government expelled two diplomats from the Czech Republic. However, the tax scheme of the Czech Republic is helping to support the confidence of bearish investors. Just yesterday, Prague’s lawmakers approved a legislation that should reduce the value-added tax to help companies counter their respective losses.



The mixed sentiment in the global market is sending confusing signals for investors of the US dollar. Looking at the charts, it’s evident that the pair is once again steady. Fortunately, bullish investors are expected to receive support as the demand for safe-haven currencies and assets are projected to rise. See, it was just recently reported that medical professionals found a helpful cure for the coronavirus, a cheap type of steroid that is injected, it could reduce the risks of fatality. However, this is immediately overweighed by the news that the world is currently seeing its second wave of infections. This should intensify the demand for the US dollar, a safe-haven currency, in the foreign exchange market. This is also after the United States Federal Reserve changed the dynamics in the market. And as for the Hungarian forint, there aren’t any important economic reports due this week. This means it’s relying on other fundamentals to support it.



The US dollar to Mexican peso exchange rate is seen trading steadily in green territories this Wednesday. The trading pair would eventually climb up to its resistance level in the coming sessions as the demand for safe-haven currencies is bound to drive it higher. This should allow bullish investors to prevent the 50-day moving average from plummeting towards the 200-day moving average. If that was the case, the momentum would remain widely bullish. The US dollar saw losses against the Mexican peso in the recent sessions, failing to sustain some of its recovered gains from earlier this month. Latin American currencies are seen struggling against the US dollar in the trading sessions. However, some investors are hoping that the pair would take U-turn after it reached its resistance level as another coronavirus stimulus package is being reported in the United States. If Trump pushes that stimulus plan, the greenback could soon buckle under pressure.



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