Comprehensive analysis of movement options for #USDX vs EUR/USD, GBP/USD, and USD/JPY (Daily) on June 8, 2020

Minor operational scale (Daily)

The second week of June – the growth of the dollar? Options for the development of the movement #USDX vs EUR/USD, GBP/USD, and USD/JPY (Daily) on June 8, 2020.

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US dollar index

From June 8, 2020, the movement of the dollar index (#USDX) will be determined depending on the direction of the breakdown of the range:

  • resistance level of 97.40 at the lower border of the channel 1/2 Median Line of the Minuette operational scale fork;
  • support level of 96.43 on the initial SSL line of the Minuette operational scale fork.

A breakout of the resistance level of 97.40 will make it relevant to develop the movement of the dollar index within the boundaries of the 1/2 Median Line channel (97.40-97.70-97.95) and equilibrium zones (97.95-98.45-98.90) of the Minuette operational scale forks with the prospect of reaching the initial SSL line (99.20) of the Minor operational scale forks and local maximum of 100.56.

With a sequential breakdown of the initial – SSL (support level 96.43) and control – LTL (96.30) lines of the Minuette operational scale forks, the downward movement of #USDX can be continued to the borders of the equilibrium zone (95.90-94.65-93.30) of the Minor operational scale forks.

The layout of the #USDX movement options from June 8, 2020 is shown on the animated chart.

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Euro vs US dollar

The single European currency EUR/USD from June 8, 2020 will develop its movement depending on the development and direction of the breakdown of the range:

  • resistance level of 1.1365 on the final Shiff Line of the Minor operational scale forks;
  • support level of 1.1290 at the upper border of the 1/2 medium Line channel in the Minuette operational scale fork.

A breakdown of the support level of 1.1290 will make it possible to develop the movement of the single European currency within the boundaries of the channel 1/2 Median Line Minute (1.1290-1.1260-1.1230) and balance zones of the operational scale forks – Minute (1.1200-1.1135-1.1085) and Minor (1.1260-1.1170-1.1065).

The sequential breakdown of the resistance level at 1.1365 ultimate Shiff Line Minor, initial – SSL (1.1395) and control UTL (1.1420) lines of the Minuette operational scale fork, it will be a possible continuation of the upward movement of EUR/USD to a local maximum of 1.1495 and end line FSL (1.1600) of the Minor operational scale fork.

The EUR/USD movement options from June 8, 2020 are shown on the animated chart.

Exchange Rates 05.06.2020 analysis

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Great Britain pound vs US dollar

The development of the movement of Her Majesty’s currency GBP/USD from June 8, 2020 will also be due to the development and direction of the breakdown of the range:

  • resistance level of 1.2655 at the lower border of the channel 1/2 Median Line of the Minuette operational scale fork;
  • support level of 1.2595 at the lower border of ISL38.2 of the Minor operational scale fork.

In case of successive breakdown of the lower boundary of the equilibrium zone ISL38.2 of the Minor operational scale forks – support level 1.2595 and the start line SSL (1.2555) of the Minuette operational scale forks, the downward movement of Her Majesty’s currency will be directed to the borders of the 1/2 channel Median Line Minor (1.2330-1.2110-1.1880).

In the case of a breakdown of the resistance level of 1.2655, the GBP/USD movement will continue in the 1/2 Median Line channel (1.2655-1.2800-1.2940) of the Minuette operational scale forks with the prospect of reaching the final Shiff Line Minor (1.3024) and the upper boundary of the ISL61.8 (1.3200) balance zone of the Minor operational scale fork.

We look at the GBP/USD movement options from June 8, 2020 on the animated chart.

Exchange Rates 05.06.2020 analysis

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US dollar vs Japanese yen

The development of the USD/JPY currency movement of the “Land of the Rising Sun” from June 8, 2020 will be determined by the development and direction of the breakdown of the boundaries of the equilibrium zone (109.00-109.50-110.10) of the Minuette operational scale forks – details of movement within this equilibrium zone are shown on the animated chart.

With a joint breakdown of the resistance level of 110.10 at the upper boundary of the ISL61.8 equilibrium zone of the Minuette operational scale forks and the final Shiff Line Minor (110.35), the upward movement of the currency of the Land of the Rising Sun can be continued to the final line FSL (112.10) of the Minuette operational scale forks and a local maximum of 112.21.

A breakout of the lower border ISL38.2 equilibrium zone of the Minuette operational scale fork – support level of 109.00 will determine the further development of the movement of USD/JPY in the zone of equilibrium (109.20-107.95-106.65) of the Minor operational scale forks with the prospect of achieving the upper border of the channel 1/2 Median Line Minor (106.15) and update local minimum 106.00.

The markup of the USD/JPY movement options from June 8, 2020 is shown on the animated chart.

Exchange Rates 05.06.2020 analysis

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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).

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 currencies in the basket:

Euro – 57.6 %;

Yen – 13.6 %;

Pound – 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.

Source: Comprehensive analysis of movement options for #USDX vs EUR/USD, GBP/USD, and USD/JPY (Daily) on June 8, 2020

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