[EURUSD]
Important Levels to Watch for:
- Resistance line of 1.21079 and 1.21326.
- Support line of 1.20585 and 1.20338.
Commentary/ Reason:
The euro gained 0.12% to $1.2084 on Monday, after dropping 0.82% at the end of last week, the most since April.
The riskier currencies recovered some lost ground against the U.S. dollar on Monday, after suffering their biggest plunges in a year at the end of last week amid a hefty sell-off in global bond markets. Although the rise is just enough to offset Friday’s fluctuation.
[USDCHF]
Important Levels to Watch for:
- Resistance line of 0.90994 and 0.91218.
- Support line of 0.90546 and 0.90322.
Commentary/ Reason:
The dollar was little changed against the Swiss franc on Monday. Last traded at 0.90847.
The President Joe Biden’s pandemic relief efforts are watched, including a proposed $1.9 trillion spending package that is yet to be approve at Senate.
[GBPUSD]
Important Levels to Watch for:
- Resistance line of 1.40140 and 1.40680.
- Support line of 1.39060 and 1.38520.
Commentary/ Reason:
The British pound jumped to $1.3983, rose 0.43% on the day.
The dollar weakened following a decline in U.S. bond yields.
Traders bet as the British finance minister Rishi Sunak is expected to extend the jobs support program until at least May in his budget, expected to be presented later this week.
UK Prime Minister Boris Johnson unveiled a plan for gradually and irreversibly lifting lockdown restrictions in England from March 8 and ending on June 21. Almost all sections of the economy and many social activities are likely to be reopened by May 17.
