USDCZK
The pair was expected to breakout from a major resistance line, which will send the pair higher toward its 27-month high. A stronger Czech Republic will be beneficial to the United States. Among the 28 EU-member states, Czech Republic has the lowest unemployment rate. Aside from this, the Visegrad Group – comprising of Hungary, Poland, Czech Republic, and the Slovak Republic – has been increasingly important to the decisions being taken by the European Union. European Commission president-elect Ursula von der Leyen began her preparation to take the presidency by visiting the eastern bloc. It will be consequential for the entire Europe if they lose the former Soviet satellite states given the rising militarization of Russia on its border with the European Union and the withdrawal of the U.S. and Russia from the INF (Intermediate-range Nuclear Forces) treaty. Histogram and EMAs 13 and 21 recently crossed over.
EURCHF
The pair will continue to move lower in the following days, with the pair moving inside a downtrend channel. The European Union and Switzerland was trying to patch their relationship after Switzerland signed a post-Brexit trade agreement with the United Kingdom, but had rejected a framework deal with the EU, which will incorporate all the existing bilateral agreements between the two (2) economies. Switzerland was under a siege as EU tries to control its member states and all countries that have access to EU’s Single Market and Customs Union. Despite this, Switzerland isn’t backing down after it made an announcement that the framework deal with the EU is dead. Aside from the UK, Switzerland became the first country to sign an agreement with China’s Belt and Road Initiative in Europe. Histogram and EMAs 13 and 21 will continue to move lower in the following days.
EURGBP
The pair was expected to bounce back from the uptrend channel support line. UK Prime Minister Boris Johnson was being attacked on all sides with some analysts and politicians stating that he might be the shortest-lived prime minister in UK history. PM Johnson said he will take the United Kingdom out from the European Union on October 31. UK’s Labour Party vowed to oust PM Johnson, to delay Brexit, and to call an election. The Labour Party unsuccessfully oust former British Prime Minister Theresa May during a “no-confidence” vote. The party was also collaborating with the EU to delay Brexit and avoid the UK from leaving the bloc. Lastly, the party was trying to call an election to replace the Conservative Party and take over the Brexit negotiations. Jeremy Corbyn is the leader of the Labour Party. Histogram and EMAs 13 and 21 was expected to reverse back.
EURJPY
The pair will continue to move lower in the following days after it broke down from a major support line. It was a pivotal year for the European Union and Japan after they ratified the EU-Japan Free Trade Deal, which became the largest trading zone in the world. The two (2) countries came up to defy U.S. protectionism, which had caused the global order to derail. Not only does the two (2) economies face challenge from the United States but also from China. China will impose 18.1% to 103.1% on stainless steel imports from the European Union, Japan, South Korea, and Indonesia. Following the Brexit, however, the UK said that it will not sign a bilateral trade agreement with the country unless it was already out of the bloc. This was in response to Japan ratifying the EU-Japan Free Trade Agreement. Histogram and EMAs 13 and 21 was expected to continue moving lower in the following days.
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