INTRADAY TECHNICAL ANALYSIS 19 APRIL (observation as of 05:45 UTC)

[EURUSD]

Important Levels to Watch for:

-        Resistance line of 1.20115 and 1.20508.

-        Support line of 1.19329 and 1.18936.

Commentary/ Reason:

  1. The euro slipped lower at $1.19638.  

  2. The euro continues to be undercut by the ongoing COVID-19 pandemic concern that has slowed economic growth and is dovish for its policy.

  3. A decline in T-note yields meanwhile weakens the dollar’s interest rate differentials and is negative for the dollar.

EURUSD

 

[USDCHF]

Important Levels to Watch for:

-        Resistance line of 0.92231 and 0.92461.

-        Support line of 0.91771 and 0.91541.

Commentary/ Reason:

  1. The dollar edged higher to 0.92052 Swiss franc, rose 0.08% on the mid-day Monday.

  2. The outlook for the dollar remains solid as the underlying economic pulse pointed to a strengthening recovery.

  3. Demand for the safe-haven greenback also is favoured due to persistent concerns over a resurgence of COVID-19 and global lockdowns.

USDCHF

 

[GBPUSD]

Important Levels to Watch for:

-        Resistance line of 1.38157 and 1.38390.

-        Support line of 1.37403 and 1.37170.

Commentary/ Reason:

  1. The British pound edged higher 0.17% to $1.38565, to note a new 1-week high against the dollar.

  2. The pound was strengthened as the economic data showed that the U.K. house prices surged to a record, with a tax break on purchases and rock-bottom interest rates prompting a “buying frenzy.

  3. The sterling optimism also came as the U.S. Treasury yields retreated on the day, dragging the dollar lower.

GBPUSD