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The single currency cheered to $1.1290, buoyed by ECB member Villeroy de Galhau comments that the coronavirus pandemic has permanently changed European economic policy and the non-conventional tools adopted by the central bank have now become quasi-conventional. German's industrial orders for May and Eurozone retail sales is scheduled for release today.
The cable pierced to $1.2495 following Bank of England Governor Andrew Bailey warned over the negative interest rates during the weekend.
The yen drifted lower to 107.77 against the greenback as gains in Asian share prices encouraged some risk-on trades. ISM Non-Manufacturing, Markit’s Services PMI are next on tap.
The Aussie capped gains at $0.6965 despite Australia's Victoria state will close its border with the country's most populous state of New South Wales to contain a sudden spike in coronavirus infections. Market eyeing Reserve Bank of Australia (RBA) policy meeting on Tuesday.
South Africa's rand edged higher to 16.93 against the buck as US-China jitters return to the markets as sentiment driver.
On the domestic side, the pair remains unfazed at 40.15(selling).
12:30 - GBP - Construction PMI (Jun)
18:00 - USD - ISM Non-Manufacturing PMI (Jun)
From an Elliott Wave trading standpoint, USD/CHF indicates a violent recoil higher in compelling impulse Wave (3) trajectory on a test of support marked by the confluence of a former counter-trend support at Wave (2) at 0.9372 of June 11th, percolating since late March 2020. As we have continued to highlight, the trend USD/CHF remains bullish overall.
Looking at the hourly chart, the pair may propel into Wave (3) targeting 1.0084, which represents 100% Fibonacci projection of impulsive Wave (1) through corrective Wave (2). Peeking through 0.9553 of Wave (1) would further validate the upside momentum. On the flipside, a set-back of recent low at 0.9418, then 0.9372 would render the count obsolete. If the pair fails to clear the latter, it could catalyse an aggressive decline.