Charts and Market Updates February 21, 2020

Charts and Market Updates February 21, 2020

Good day traders! Check now the most recent charts and market updates for today’s session. Learn more about analysis and be updated on the current happenings in the market!

EURGBP

Traders are having trouble scoring a massive leap for the EURGBP pair as it records subtle movements in sessions. Despite that, bears are looking to pull the pair lower to its support levels by the first half of the month of March. The British pound is setting aside the weak services PMI results from the United Kingdom and are focusing more on the positive composite PMI and manufacturing PMI to pull the pair lower. To make things complicated for the euro, the bloc’s economies are recording mixed results as shown in recent reports, straining away the little optimism that bulls have. The improvements in the German, French, and Eurozone’s economies barely helps the pact’s single currency in sessions. Just recently, Berlin recorded a jump in its manufacturing PMI, advancing from 45.3% to 47.8%. Meanwhile, Britain’s manufacturing PMI rose from 50.0% to about 51.9% according to official data.

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EURCHF

The Swiss franc is looking to maintain its momentum against the Eurozone’s single currency, gradually and steadily dragging it lower in the foreign exchange scenes. The safe-haven appeal of the Swiss franc is still glowing, while the confidence of euro investors is slowly deteriorating, along with the weakening economies of the bloc. It’s worth mentioning that Switzerland’s economy has also been producing mixed results and more are actually negative rather than positive. But, as mentioned, the safe-haven appeal of the Swiss franc has been its greatest driving fundamental. The devastating outbreak of the deadly novel coronavirus in China, or otherwise called as the COVID-19, has raised the brightness for the already shining glow of the Swiss franc. With that, the EURCHF pair is widely projected to tumble down to its resistance by the first few days of March, or, if not, by the middle half of March.

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NZDUSD

The New Zealand dollar is in trouble. In very deep trouble. The US dollar has successfully pulled the New Zealand dollar downwards in sessions and things are still looking worrisome for the NZDUSD pair. Unfortunately for bulls, it seems that the pair’s destiny is to reach its support levels as experts forecast that the pair will lower down to it by the first few days of March. The recently reported jump of the Philadelphia Fed Manufacturing Index for the month of February made it worse for NZDUSD bulls. Investors were dazzled by the improvement from 17/0% to 36.7% of the manufacturing index, surprising the market as it easily crushed the projected 12.0% drop. Meanwhile, the gradual improvements in New Zealand’s economy aren’t helping the kiwi outperform the dollar. In fact, the data recorded from the country’s economy isn’t even enough to prevent the pair from further contracting in sessions.

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NZDCAD

It’s going to be a steep fall for the New Zealand dollar and investors should prepare for a hard crash towards its support levels. Bulls aren’t happy, the kiwi is alarmingly underperforming against the Canadian dollar. The reason for its weakness? The growing concern of investors on the outbreak of the deadly COVID-19. Looking at the bigger picture, it’s not New Zealand’s economy that is pushing the pair lower, but the ongoing fight of the East to prevent and contain the lethal virus. Bears are delighted, however, as the NZDCAD pair trades on its lowest levels last seen in November 2019. But despite that, bears are still hoping for a silver lining for the pair as the number of new cases for the coronavirus starts slowing down. The New Zealand dollar is very susceptible to Chinese events as China sits as one of New Zealand’s premier export destinations. Meaning that if the Chinese economy suffers, the NZD will also take damaging hits.

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