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Minor operational scale (Daily)
Summer is over - correction begins? Options for the development of the movement #USDX vs EUR/USD & GBP/USD & USD/JPY (Daily) on August 24, 2020.
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US dollar index
From August 24, 2020, the movement of the dollar index #USDX will be determined by the development and direction of the breakdown of the boundaries of the 1/2 Median Line channel (92.90 - 93.40 - 93.80) of the Minute operational scale fork - we look at the animated chart for details of working out the boundaries of the 1/2ML Minute channel.
If the resistance level 93.80 is broken at the intersection of the upper border of the 1/2 Median Line Minute channel with ISL38.2 Minute, then the #USDX movement will proceed within the equilibrium zone (93.80 - 94.40 - 94.95) of the Minute operational scale fork with the prospect of reaching the boundaries of the 1/2 Median channel Line (95.25 - 96.25 - 97.25) of the Minor operational scale fork.
In case of a breakdown of the support level of 92.90 at the lower border of the 1/2 Median Line channel of the Minute operational scale fork, the downward movement of the dollar index can continue to the targets:
The layout of the #USDX movement options from August 24, 2020 is shown on the animated chart.
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Euro vs US dollar
The single European currency EUR/USD from August 24, 2020 will develop its movement depending on the direction of the breakdown of the range:
In case of breakdown of ISL38.2 Minute - support level - the development of the EUR/USD movement can be continued within the equilibrium zone (1.1760 - 1.1700 - 1.1640) of the Minute operational scale and 1/2 Median Line channel (1.1640 - 1.1545 - 1.1445) of the Minor operational scale.
The breakdown of the resistance level at 1.1800 will make the development of the movement of the single European currency within the 1/2 Median Line channel (1.1800 - 1.1855 - 1.1895) of the Minute operational scale, and if the upper boundary thereof (1.1895) is broken, this upward movement can be directed to the targets:
The EUR/USD movement options from August 24, 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 from August 24, 2020, will continue its movement within the equilibrium zone (1.3440 - 1.3145 - 1.2880) of the Minor operational scale fork and will be determined by the development and direction of the breakdown of the range:
The breakdown of the support level of 1.3040 will determine the development of the movement of GBP/USD in the channel 1/2 Median Line Minute (1.3040 - 1.2965 - 1.2880), and the breakdown of the lower boundary of this channel at the intersection with the lower border ISL38.2 (1.2880) equilibrium zone of the Minor operational scale fork will be the achievement price of this tool a zone boundary equilibrium (1.2835 - 1.2710 - 1.2585) of the Minute operational scale fork.
The breakdown of the resistance level 1.3145 on the Median Line Minor will make it relevant to develop the movement of the currency of Her Majesty to the goals:
We look at the options for the movement of GBP/USD from August 24, 2020 on the animated chart.
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US dollar vs Japanese yen
The development of the movement of the currency of the "Land of the Rising Sun" USD/JPY from August 24, 2020 will be due to the development and direction of the breakdown of the boundaries of the 1/2 Median Line channel (105.40 - 106.00 - 106.50) of the Minute operational scale forks - we look at the animated chart for details of the movement within this channel.
The breakdown of the resistance level of 106.50 on the upper border of the channel 1/2 Median Line Minute will be the actual continuation of the upward movement of USD/JPY to the borders of the equilibrium zone of the Minute operational scale fork (107.15 - 108.00 - 108.75) and Minor (107.50 - 108.90 - 110.20).
A breakdown of the lower boundary of the 1/2 Median Line channel of the Minute operational scale fork - support level 104.80 - will make it possible to continue the downward movement of USD/JPY to the boundaries of the 1/2 Median Line channel (104.90 - 103.65 - 102.30) of the Minor operational scale fork.
The markup of USD/JPY movement options from August 24, 2020 is shown on an 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 - 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.
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