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The Shared currency retreated from a high of $1.1242 after better-than-expected U.S. services data provided the latest boost to confidence in the U.S. economy.
The cable held its ground at $1.2500 as traders looked ahead to this month's Brexit negotiations and more government support measures expected later this week.
The Japanese Yen slightly changed at 107.51 against the greenback despite an awful Japan household spending data in today's Asian session.
The Aussie dollar fell from a high of $0.6997 to $0.6960 after the State government announced the lockdown of metropolitan Melbourne, while the Reserve Bank of Australia kept interest rate unchanged at 0.25% earlier.
The South African rand firmed at 17.00/dlr on Monday, thanks to a broad recovery in risk appetite on growing expectations of a strong Chinese economic rebound.
On the domestic side, the pair remains idle at 40.15(selling).
18:00 - USD - JOLTs Job Openings
18:00 - CAD - Ivey 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.