Age is less relevant than the attitude toward continually improving.
The Single currency run out of gas to $1.1245 amid the market is awaiting details from the European council’s two-day meeting ending Friday to address the bloc’s recovery plan.
The Pound meandered near $1.2550 before a Bank of England meeting today, where policymakers are expected to expand quantitative easing in the face of a faltering economy and rocky trade negotiations with the EU.
The anti-risk Yen edged up to 106.80 per dollar on rising geopolitical tension between North Korea and South Korea combined with clashes between Indian and Chinese troops at a disputed border site.
The Australian Dollar collapsed to $0.6872 after employment data shattered the relatively positive outlook portrayed by the Reserve Bank of Australia in its most recent meeting, as the unemployment rate climbed to 7.1% from 6.4% and the participation rate declined from 63.6% to 62.9% in May.
South Africa's rand percolated at 17.18 against the US dollar on Wednesday, following a sell-off sparked by fears of a second global wave of coronavirus infections.
The USD/MUR opened a bit lower to 40.20(selling) following Bank of Mauritius's intervention yesterday.
11:30 - CHF - SNB Interest Rate Decision
15:00 - GBP - BoE Interest Rate Decision
15:00 - GBP - BoE MPC Meeting Minutes
16:30 - USD - Philadelphia Fed Manufacturing Index (Jun)
- From an Elliott Wave standpoint, USDCHF could potentially unfold into compelling impulsive Wave C of the zigzag correction of Wave (2) to a narrowing region 0.9550 (50% retracement of Wave (1)) to 0.9395 (100% projection of Wave A through B) in the near term trend, from the downside bias from April 6th high of 0.9797.
- Price could immediately start to shoot back up into Wave (3) on a longer perspective.
- Piercing above the resistance 0.9905 would endorse the structure.
- Alternatively, broader bearish invalidation of Elliott Wave Structure rest at 0.9191 of March 9th low while Relative Strength Index signals a bullish recoil higher for the pair.