[EURUSD]

Important Levels to Watch for:

-        Resistance line of 1.21386 and 1.21550.

-        Support line of 1.21058 and 1.20894.

Commentary/ Reason:

  1. The euro rose moderately against the dollar at $1.21214, as the greenback retreated on the back of improved riskier asset demand with the progress in the vaccine roll-out to curb COVID-19 infections.

  2. Expected later today is the ECB President Christine Lagarde, where she is anticipated to sound dovish in the speech.

  3. While also awaited is on the U.S. president Joe Biden’s US$1.9 trillion stimulus bill to pass through the Congress.

EURUSD

 

[USDCHF]

Important Levels to Watch for:

-        Resistance line of 0.90103 and 0.90376.

-        Support line of 0.89221 and 0.88948.

Commentary/ Reason:

  1. The dollar was higher against the Swiss franc on Monday, added 0.25% to trade at 0.8978, not far from its weekly high of 0.89951 recorded Thursday.

  2. A declined stock market overnight and hopes for a stronger U.S. economy boosted liquidity demand for the dollar. The President Joe Biden’s pandemic relief efforts take shape, including a proposed $1.9 trillion spending package.

USDCHF

 

[GBPUSD]

Important Levels to Watch for:

-        Resistance line of 1.40490 and 1.40770.

-        Support line of 1.39930 and 1.39650.

Commentary/ Reason:

  1. The U.S. dollar was sold to multi-year lows against sterling on Monday, traded at $1.40144 as investors cheered vaccine progress and wagered on the pandemic recovery bringing a global trade boom and an export windfall.

  2. The British pound hit its highest since April 2018, as Prime Minister Boris Johnson charts a path out of lockdowns on the back of rapid vaccinations, expected to be announced ahead on Monday, British Prime Minister Johnson is expected to outline a

  3. Diminished Brexit uncertainty also lifted the pound.

GBPUSD