Technical Analysis

The USD falls vs all the major currencies this week except one

USD falls the most vs the NZD

The USD fell versus all the major currencies is weeks with the exception of one…the CHF.

The US dollar fell the most versus the NZD and AUD as those currencies benefited from risk on sentiment, somewhat improving China and expectations that as Covid spread slows, central banks would start to look toward reversing some of the expansionary policy.  

After trading sideways on Monday, the NZDUSD rose on each successive day this week.  The pair has risen 9 of the last 11 trading days. 

Versus the AUDUSD, the pair was modestly lower on Monday, before also rising on each successive day this week.  

For the USDCHF, last Friday, the pair closed near the low for the week.  After trying to extend lower early in the session on Monday, the pair moved sharply higher. That moment it was reversed on Tuesday before rallying up to the weeks high on Wednesday and moderating lower on Thursday and again today. Overall, the week was full of up and down price action with only an 88 pip trading range.

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