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A reversal or a decline again? Here's a comprehensive analysis of movement options of #USDX vs EUR/USD vs GBP/USD vs USD/JPY (DAILY) on March 26, 2020
Minor operational scale (daily time frame)
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US Dollar Index
The movement of the dollar index #USDX from March 26, 2020 will continue to be determined by the development and the direction of the breakdown of the range:
In case of the breakdown of the final Schiff Line (support level of 101.65) of the Minor operational forks, the development of the movement of the dollar index to the boundaries of the equilibrium zone (101.00 -99.95 - 98.75) of the Minor operational scale forks will be determined, with the prospect of continuing it already in the equilibrium zone (99.10 - 97.85 - 96.65) of the Minuette operational scale forks.
On the contrary, in the event of a breakdown of the initial SSL line (resistance level of 102.80) of the Minuette operational scale forks with the subsequent update maximum 102.98, the upward movement of #USDX can be continued to the goals:
- control line UTL (103.85) of the Minuette operational scale forks;
- SSL start line (104.80) of the Minor operational scale forks;
- warning line UWL61.8 (105.25) of the Minuette operational scale forks.
The markup of the #USDX movement options since March 26, 2020 is shown on the animated chart.
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Euro vs US dollar
Accordingly, the development of the movement of the single European currency EUR / USD from March 26, 2020 will depend on the development and direction of the breakdown of the range :
The breakdown of the initial line of SSL (resistance level of 1.0835) of the Minor operational scale forks will lead to the option for the development of the EUR / USD movement to the boundaries of the 1/2 Median Line Minuette channel (1.0910 - 1.1000 - 1.1090) with the prospect of reaching the equilibrium zones (1.1160 - 1.1300 - 1.1465) of the Minuette operational scale forks.
Alternatively, if there will be a breakdown of the LTL (support level of 1.0785) of the Minor operational scale forks took place, then it will be possible to resume the downward movement of the single European currency towards the goals:
- the initial SSL Minuette line (1.0710);
- minimum 1.0638;
- control line LTL Minuette (1.0610);
- warning line LWL38.2 (1.0270) of the Minor operational scale forks.
We look at the EUR / USD movement options from March 26, 2020 on the animated chart.
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Great Britain Pound vs US Dollar
Her Majesty's GBP / USD currency will continue to move from March 26, 2020 depending on the development of the range:
The breakdown of the resistance level of 1.1835 (ISL38.2 Minuette) will determine the development of the GBP / USD movement in the equilibrium zone (1.1835 - 1.1955 - 1.2085) of the Minuette operational scale forks with the possibility of reaching the SSL start line (1.2305) of the Minor operational scale forks and the FSL end line (1.2550) of the Minuette operational scale forks.
On the other hand, if the warning line LWL38.2 (support level of 1.1665) of the Minor operational scale forks is broken, then the development of Her Majesty's currency movement will be directed towards the goals:
- minimum 1.1411;
- warning line LWL61.8 (1.1305) of the Minor operational scale forks;
- final line FSL (1.1105) of the Minuette operational scale forks.
The options for the movement of Her Majesty's currency from March 26, 2020 are shown on the animated chart.
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US dollar vs Japanese yen
Similarly to other currency pairs, the development of the movement of the currency of the "country of the rising sun" USD / JPY from March 26, 2020 will be determined by the development and the direction of the breakdown of the range :
The breakdown of the support level of 110.55 is an option for the development of the USD / JPY movement within the 1/2 Median Line Minor channel (110.55 - 109.40 - 108.15) with the prospect of continuing it already in the equilibrium zone (108.40 - 107.10 - 105.80) of the Minuette operational scale forks.
In contrast, in case of breakdown of the final Schiff Line (resistance level of 111.70) Minuette, the option to continue the development of the upward movement of the currency of the "country of the rising sun" to goals:
- maximum 112.23;
- end line FSL Minuette (112.70);
- equilibrium zone (113.00 - 114.70 - 116.50) of the Minor operational scale forks.
The details of the USD / JPY movement from March 26, 2020 can be seen 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 starting date - March 1973, when the main currencies began to be freely quoted relative to each other.
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