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Two Brexit votes - not much in one day? - Here's a comprehensive analysis of movement options - #USDX, EUR / USD, GBP / USD and USD / JPY (DAILY) from October 23, 2019.
Minor (Daily time frame)
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US dollar Index
From October 23, 2019, the development of the movement of the USD index #USDX will depend on the development and direction of the breakdown of the boundaries of the equilibrium zone (96.65 - 97.20 - 97.75) of the Minuette operational scale fork. Look at the details of the movement inside this zone in the animated chart.
In case of breakdown of the upper boundary of ISL38.2 (resistance level of 97.75) of the equilibrium zone of the Minuette operational scale fork, the development of the movement of the dollar index will continue to the boundaries of the 1/2 Median Line channel of Minuette (98.15 - 98.55 - 98.90).
On the contrary, if the breakdown of the lower boundary ISL61.8 (support level of 96.65) of the equilibrium zone of the Minuette operational scale fork takes place, then the downward movement #USDX will be directed to the minimum (95.84 - 95.03).
The markup of #USDX movement options from October 23, 2019 is shown in the animated chart.
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Euro vs US dollar
Further development of the movement of the single European currency EUR / USD from October 23 will be determined by the development and the direction of the breakdown of the range :
In case that the EUR / USD breaks the lower boundary of ISL38.2 (support level of 1.1110) of the equilibrium zone of the Minuette operational scale fork, then the downward movement can be directed to the boundaries of the 1/2 Median Line Minuette channel (1.1060 - 1.1010 - 1.0965) with the prospect of reaching the SSL start line Minuette (1.0895).
On the contrary, the breakdown of the resistance level of 1.1140 (Median Line of the Minor operational scale fork) - the development of the movement of the single European currency can be continued towards the goals - the Median Line channel of Minuette (1.1180) - the final Schiff Line Minuette (1.1195) - the upper boundary of ISL61.8 (1.1250) of the equilibrium zone of the Minuette operational scale fork with a probability of reaching a maximum of 1.1412.
The details of the EUR / USD movement options from October 23, 2019 are shown in the animated chart.
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Great Britain pound vs US dollar
The development of Her Majesty's GBP / USD currency movement from October 23, 2019 will also be due to the development and direction of the breakdown of the range :
The breakdown of the Median Line Minuette operational scale fork (support level of 1.2875) - development of Her Majesty's currency movement can be continued towards the goals - lower boundary of ISL38.2 (1.2685) of the equilibrium zone of the Minuette operational scale fork - 1/2 Median Line channel of the Minuette operational scale fork (1.2520 - 1.2390 - 1.2260).
On the contrary, if a breakdown occurs in the final Schiff Line Minuette (resistance level of 1.2945), then the upward movement of GBP / USD will be directed to the targets - the upper boundary of the ISL61.8 (1.3085) equilibrium zone of the Minuette operational scale fork - the lower boundary of ISL38.2 (1.3295) equilibrium zone of the Minor operational scale fork - maximum 1.3379.
The details of the GBP / USD movement from October 23, 2019 can be seen in the animated chart.
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US Dollar vs Japanese yen
The movements of the USD / JPY currency from October 23, 2019 will continue in the a Median Line (109.00 - 108.10 - 107.20) of the Minor operational scale fork. The details of the movement inside the specified channel 1/2 Median Line are presented in the animated chart.
In case of breakdown of the upper boundary of the 1/2 Median Line channel Minor (resistance level of 109.00) and updating the local maximum 109.33, it will become possible for the currency of the "land of the rising sun" to reach the boundaries of the equilibrium zone (109.55 - 110.90 - 112.35) Minor operational scale fork.
On the other hand, a combined breakdown of the lower boundary of the 1/2 Median Line channel (support level of 107.20) of the Minor operational scale fork and the 1/2 Median Line channel of Minuette (107.05) will determine the option to continue the development of the downward movement of USD / JPY to the lower boundary of the equilibrium zone of the ISL38.2 (106.50) Minuette operational scale fork and SSL Minor start line (105.80) with the prospect of reaching the SSL Minuette start line (104.65).
We look at the details of the USD / JPY movement in the animated chart.
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The review is made without taking into account the news background. Thus, the opening of 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 power factors 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.
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