[EURUSD]
Important Levels to Watch for:
- Resistance line of 1.19237 and 1.19718.
- Support line of 1.17678 and 1.17196.
Commentary/ Reason:
- The euro rose marginally overnight to climb back over $1.18, but it is down about 0.6% for the week so far.
- The pair last sat at $1.1803 against the dollar on Friday.
- Sentiment sagged overnight, as more recorded COVID-19 cases in the region were reported, plus the warnings from Fed Chair Powell, further setbacks in US stimulus talks, and dollar weakness.
- U.S. Federal Reserve Chairman Jerome Powell warned Thursday that the “next few months could be challenging” despite recent developments on the vaccine front.
- In Europe and the U.S., a second wave of infections has prompted the reimposition of restrictions to stop the virus’ spread.
- EU to release Q3 GDP report later today.
[USDCHF]
Important Levels to Watch for:
- Resistance line of 0.91757 and 0.91928.
- Support line of 0.91206 and 0.91036.
Commentary/ Reason:
- The dollar little changed against the Swiss franc on Friday, traded last at 0.9150.
- Initial optimism about coronavirus vaccine testing pushed the dollar up against the safe harbour Swiss franc, though the momentum is starting to fade as the government made statement that there are still several obstacles to clear before a vaccine can be distributed, while the cases in the U.S. is increasing daily.
[GBPUSD]
Important Levels to Watch for:
- Resistance line of 1.32273 and 1.32747.
- Support line of 1.30740 and 1.30267.
Commentary/ Reason:
- Sterling touched a 1-week low overnight of $1.3105, after disappointing GDP data released.
- The pound marginally higher on Friday trade, sat last at $1.3114.
- Despite positive news on the vaccine front, the pandemic situation remains severe as more COVID-19 cases in the UK were reported, with highest daily deaths yesterday.
- Jitters mounting on Britain and the European Union will agree a long-sought-after Brexit trade deal. UK-EU trade negotiations coming to a head with the EU summit on Nov. 15.
