[EURUSD]
Important Levels to Watch for:
- Resistance line of 1.21386 and 1.21550.
- Support line of 1.21058 and 1.20894.
Commentary/ Reason:
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.
Expected later today is the ECB President Christine Lagarde, where she is anticipated to sound dovish in the speech.
While also awaited is on the U.S. president Joe Biden’s US$1.9 trillion stimulus bill to pass through the Congress.
[USDCHF]
Important Levels to Watch for:
- Resistance line of 0.90103 and 0.90376.
- Support line of 0.89221 and 0.88948.
Commentary/ Reason:
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.
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.
[GBPUSD]
Important Levels to Watch for:
- Resistance line of 1.40490 and 1.40770.
- Support line of 1.39930 and 1.39650.
Commentary/ Reason:
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.
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
Diminished Brexit uncertainty also lifted the pound.