DXY - Strengthening due to the increasing number of Covid 19 ?

23 Sep 2020

There has been a breakout in the US Dollar index pattern (Decending broadening wedge) which is formed on the daily time frame, the potential for the US Dollar to strengthen in the near future is possible, but this may only form a fairly large range corrective structure before resuming its bearish trend. Potential pairs that have one direction with the strengthening of the US dollar, USD / CAD pair which may continue its bullish trend due to a false breakdown at the 200 Weekly EMA. Will there be a 2nd Lockdown with an increase in the number of Covid victims? and "CASH" is back to being a strong demand asset ?? Or is the discourse on Postponing the American Presidential Election being echoed again because of the issue of increasing the number of Covid 19 victims? In addition, the increase in the number of Covid victims in Europe and the UK brought the EUR / USD and GBP / USD pairs to fall and there was a deep correction in prices. EUR / USD has the potential to test the support area in the EMA 100 Daily area or at the FR 38.2% Daily level where at the same time the Dollar Index also has the potential to test its resistance at the 200 Daily EMA or at the 38.2% FR level.

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