What are the options for the development of the movement #USDX, EUR / USD, GBP / USD and USD / JPY (Weekly) during the spring-summer period of 2020?
Intermediate Operational Scale (Weekly)
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US dollar index
The development of the #USDX dollar index movement in the spring-summer period of 2020 will continue in the 1/2 Median Line (94.80 - 97.60 - 100.30) of the Intermediate operational scale forks, taking into account initial SSL processing (99.20) and the control UTL (99.70)of the Minor operational scale forks. The markup for developing the mentioned levels is presented on the animated chart.
The upward movement of the dollar index can be continued after the breakdown of the upper boundary of the 1/2 Median Line channel (100.30) of the Intermediate operational scale forks and will be directed to the levels:
- 101.90 - the initial SSL Intermediate line;
- 103.82 - maximum of 01/01/2017.
On the other hand, in case of breakdown of the lower boundary (support level of 94.80) of the 1/2 Median Line channel of the Intermediate operational scale forks, the option to continue the development of the downward movement #USDX to the boundaries of the 1/2 Median Line channel (94.40 - 92.70 - 90.85) of the Minor operational scale forks.
Marking options for the movement #USDXin the spring-summer period of 2020 is shown on the animated chart.
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Euro vs US dollar
The movement of the single European currency EUR / USD in the spring-summer period of 2020 will be due to the development and direction of the breakdown of the boundaries of 1/2 Median Line channel (1.1430 - 1.1300 - 1.1150) of the Minor operational scale forks. The traffic marking in 1/2 Median Line channel of the Minor operational scale forks is shown in the animated chart.
Now, in case of breakdown of the lower boundary (support level of 1.1150) of the 1/2 Median Line Minor channel, then the downward movement of EUR / USD can be continued to the initial SSL (1.0800) and control LTL (1.0710) lines of the Minor operational scale forks.
Alternatively, in case of breakdown of the upper boundary (resistance level of 1.1430) of the 1/2 Median Line channel Minor, the upward movement of the single European currency can be continued to the equilibrium zone (1.1530 - 1.1770 - 1.2000) of the Minor operational scale forks.
The details of the EUR / USD movement options in the spring-summer period of 2020 are shown in the animated chart.
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Great Britain pound vs US dollar
Her Majesty's Currency continues to remain on 1/2 Median Line (1.2870 - 1.3150 - 1.3440) of the Minor operational scale forks, respectively, in the spring-summer period of 2020, the development of the GBP / USDmovement will be determined by working out the above levels - the movement details inside the 1/2 Median Line Minor channel are presented on the animated chart.
The breakdown of the lower boundary (support level of 1.2870) of the 1/2 Median Line channel Minor - will make it possible to continue the downward movement of Her Majesty's Currency to the initial SSL line (1.2520) of the Intermediate operational scale forks and the initial SSL Minor line (1.2350).
On the contrary, the breakdown of the upper boundary (resistance level of 1.3440) of the 1/2 Median Line channel of the Minor operational pitchfork will determine the further development of the GBP / USD movement to the equilibrium zone (1.3550 - 1.3980 - 1.4376) of the Minor operational scale forks.
The details of the GBP / USD movement in the spring-summer period of 2020 can be seen on the animated chart.
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US dollar vs Japanese yen
The development of the USD / JPY currency movement of the "country of the rising sun" in the spring-summer period of 2020 will be determined by the development and direction of the breakdown of the boundaries of 1/2 Median Line channel (104.40 - 105.80 - 106.90) of the Minor operational scale forks. The detail movements within the 1/2 Median Line Minor channel are presented on the animated chart.
The breakdown of the upper boundary (resistance level of 106.90) of the 1/2 Median Line channel of the Minor operational scale forks will lead to the continuation of the upward movement of USD / JPY to the targets:
- SSL start line (107.40) of the Intermediate operational scale forks;
- the upper boundary of the 1/2 Median Line channel Intermediate (108.00);
- control line UTL Minor (111.10);
- maximum 112.23 of February 16, 2020;
- maximum 114.56 of September 30, 2018.
Meanwhile, the breakdown of the lower boundary (support level of 104.40) of the 1/2 channel Median Line Minor will lead to the option of continuing the downward movement of the currency of the "country of the rising sun" to 1/2 Median Line (102.20) of the Intermediate operational scale forks and the boundaries of the equilibrium zone (100.80 - 99.04 - 97.40) of the Minor operational scale forks.
We look at the details of the USD / JPY movement in the spring-summer period of 2020 on the animated chart.
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The review was compiled without taking into account the news background. Thus, the opening trading sessions of major financial centers does not serve as a guide to action (placing orders "sell" or "buy").
The formula for calculating the dollar index :
USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.
where the power coefficients correspond to the weights of the currencies in the basket:
Euro - 57.6% ;
Yen - 13.6% ;
Pound Sterling - 11.9% ;
Canadian dollar - 9.1%;
Swedish krona - 4.2%;
Swiss franc - 3.6%.
The first coefficient in the formula leads the index to 100 at the start date of the countdown - March 1973, when the main currencies began to be freely quoted relative to each other.
