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USD Struggles Ahead of Jobless Claims

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The dollar struggled on Thursday under the weight of worries the U.S. economic recovery may lag other countries due to a high level of coronavirus infections, as investors looked to upcoming data on the U.S. labour market. The dollar’s index against a basket of currencies (=USD) stood almost flat at 92.814, having fallen more than 0.5% in the previous session to approach its two-year low of 92.539 marked last Friday.

“Dollar-selling seems to have resumed. We are having the same structure we saw in July,” said Shinichiro Kadota, senior strategist at Barclays ..A decline in the U.S. currency has gathered pace since late July on rising perception that the U.S. economic recovery could be hobbled by the country’s poor performance in containing the COVID-19 outbreak

TREND : BULLISH

Time                                      :           06/08/2020

Pivot                                      :           1.1859

Technical View                     :             LONG ABOVE 1.1879

Target                                   :            1.1899, 1.1934, 1.1979, 1.1203

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