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The Dollar Under Pressure From All Corners

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The dollar began the week under pressure from all corners as intensifying Sino-U.S. tensions added to worries that the coronavirus resurgence in United States could undermine the recovery in the world’s biggest economy.

In morning trade it fell to a four-month low against the yen and a new 22-month trough on the euro The lack of support for the greenback, even as tit-for-tat consular closures marked the latest escalation in U.S.-China tensions, is a shift for the dollar which has been closely tracking global sentiment through the coronavirus crisis.

It also comes with a broad re-evaluation of the euro’s value after a landmark European agreement on a fiscal rescue package just as cracks start to emerge in the U.S. labour market rebound.

TREND : WEAK BULLISH

Time                                      :           27/07/2020

Pivot                                      :           1.1692

Technical View                     :             LONG ABOVE 1.1712

Target                                   :            1.1732, 1.1758, 1.1781

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