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USD
EUR/USD
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.
GBP/USD
The cable pierced to $1.2495 following Bank of England Governor Andrew Bailey warned over the negative interest rates during the weekend.
USD/JPY
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.
AUD/USD
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.
USD/ZAR
South Africa's rand edged higher to 16.93 against the buck as US-China jitters return to the markets as sentiment driver.
USD/MUR
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.
