Minor operational scale (Daily)
What will happen to the "majors" in the last nine days of June? Development options for the movement of #USDX vs EUR/USD, GBP/USD, and USD/JPY on June 22, 2020.
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US dollar index
From June 22, 2020, the movement of the dollar index #USDX will be determined by the boundaries of the equilibrium zone (97.23 - 97.75 - 98.25) of the Minute operational scale forks, taking into account the direction of the breakdown of the range:
- resistance level of 97.45 - the upper limit of the SSL of the Minute operational scale fork;
- support level of 97.23 - lower bound of ISL38.2 equilibrium zone of the Minute operational scale fork.
If the resistance level of 97.20 breaks through on the initial line of the SSL of the Minute operational scale fork, the upward movement of the dollar index will be directed towards the goals:
- control line UTL Minuette (97.60);
- Median Line Minute (97.75);
- ultimate Shiff Line Minute (97.85);
- upper bound of ISL61.8 (98.25) of the Minute operational scale forks.
In case of breaking the lower border ISL38.2 equilibrium zone of the Minute operational scale fork - support level of 97.23 - the development of the movement #USDX will be continued in the channel 1/2 Median Line Minuette (97.23 - 97.08 - 96.95) with the prospect of reaching the zone boundary equilibrium (96.78 - 96.55 - 96.35) of the Minuette operational scale fork and channel 1/2 Median Line (96.70 - 96.35 - 96.00) of the Minute operational scale fork.
The layout of the #USDX movement options from June 22, 2020 is shown on the animated chart.
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Euro vs US dollar
The development of the movement of the single European currency EUR/USD from June 22, 2020 will continue, depending on the development and direction of the breakdown of the range:
- resistance level of 1.1250 - the upper limit of ISL 38. 2 of the balance zone of the Minuette operational scale forks;
- support level of 1.1250 - final Shiff Line Minuette.
If the support level of 1.1215 breaks through to the final Shiff Line Minuette followed by a breakdown of the median line Median Line (1.1185) of the Minuette operational scale fork, it will be important to continue the downward movement of the single European currency to the borders of the equilibrium zone (1.1120 - 1.1030 - 1.0935) of the Minute operational scale fork.
In the case of breakdown of the top border ISL38.2 equilibrium zone of the Minuette operational scale fork - resistance level of 1.1250 - can be renewed upward movement of the EUR/USD to the borders of the channel 1/2 Median Line Minuette (1.1340 - 1.1375 - 1.1422) .
The EUR/USD movement options from June 22, 2020 are shown on the animated chart.
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Great Britain pound vs US dollar
The development of the movement of Her Majesty's currency GBP/USD/USD from June 22, 2020 will be determined by the development and direction of the breakdown of the range:
Breakdown of ISL38.2 Minuette - support level 1.2390 - the GBP/USD movement will continue in the equilibrium zone (1.2390 - 12280 - 1.2170) of the Minuette operational pitchfork with the prospect of reaching the upper boundary of the 1/2 Median Line (1.2100) of the Minuette operational scale forks.
In the event of a breakdown of the resistance level of 1.2460, Her Majesty's currency will continue to move in the 1/2 Median Line (1.2460 - 1.2535 - 1.2610) of the Minuette operational scale forks with the prospect of reaching the starting line FSL Minuette (1.2730) and the control line UTL (1.2765) of the Minute operational scale forks.
Options for the movement of GBP/USD from June 22, 2020 are shown on the animated chart .
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US dollar vs Japanese yen
The development of the currency movement of the "Land of the Rising Sun" USD/JPY from June 22, 2020 will also be determined by testing and the direction of the range:
- resistance level 107.20 - 1/2 Median Line Minute;
- support level 106.75 - upper boundary of the ISL38.2 equilibrium zone of the Minuette operational scale forks.
Breakdown of 1/2 Median Line of the Minute operational scale forks - resistance level 107.20 - continuation of the upward movement of the currency of the "Land of the Rising Sun" to the goals:
- upper limit of the channel 1/2 Median Line (107.70) of the Minute operational scale forks.
A consecutive breakout of ISL38.2 Minute - support level of 106.75 - and the lower border of the channel 1/2 Median Line Minute (106.65) will confirm the further development of the USD/JPY movement in the equilibrium zone (106.75 - 106.00 - 105.25) of the Minute operational scale forks.
The markup of USD/JPY movement options since June 22, 2020 is shown on the animated chart.
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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers, and is not a guide to action (placing "sell" or "buy" orders).
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 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 brings the index value to 100 on the starting date - March 1973, when the main currencies began to be freely quoted relative to each other.
