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The Single currency lost ground to $1.1280 as a resurgence of the coronavirus in the United States and the return of lockdowns in some countries boosted safe-haven demand for the U.S. currency.
The Sterling rose to three-week highs at $1.2555, strengthening on optimism that British and EU trade negotiators could find common ground at a dinner planned yesterday.
The Japanese Yen keeps trading in a tight range around 107.50/dlr, following mixed economic data from Japan.
The Aussie dollar slipped to $0.6941 after the country’s second-largest city Melbourne re-imposed lockdown measures to curb the outbreak.
The South African rand weakened to 17.14 against the greenback as worries over surges in coronavirus infections reactivated investor concerns about the economic impact of the pandemic.
The USD/MUR climbed by 5cents to 40.25(selling) on the domestic market.
18:30 - USD - Crude Oil Inventories
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.