[EURUSD]

Important Levels to Watch for:

-        Resistance line of 1.18012 and 1.18286.

-        Support line of 1.17126 and 1.16852.

Commentary/ Reason:

  1. The euro stood at $1.1767 against the dollar on Monday, down slightly by 0.06%.

  2. The euro continues to be undercut by worsening virus trends and restrictions in Europe. France on Wednesday extended a nationwide lockdown for four weeks to contain the recent pandemic surge, and Germany’s head of intensive care and emergency medicine association said he’s “deeply worried” about overburdening Germany’s intensive-care units (ICUs) with COVID-19 patients and called for tougher lockdown measures. 

  3. Traders also remain focused on inflation risk as central banks reassert their commitment to low interest rates.

  4. The dollar, meanwhile, was undercut by lower T-note yields, strength in stocks, and upward momentum in new U.S. COVID-19 infections following the recent holiday.

EURUSD

 

[USDCHF]

Important Levels to Watch for:

-        Resistance line of 0.94462 and 0.94672.

-        Support line of 0.94042 and 0.93823.

Commentary/ Reason:

  1. The dollar edged higher to 0.94334 Swiss franc, rose 0.23% on the mid-day Monday.

  2. The outlook for the dollar remains solid as the underlying economic pulse pointed to a strengthening recovery. A survey from the Institute for Supply Management due later on Monday is expected to show U.S. non-manufacturing activity expanded at a faster rate in March.

  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 1.38438 and 1.38593.

-        Support line of 1.38083 and 1.37913.

Commentary/ Reason:

  1. The British pound held steady at $1.38190.

  2. The ease of the safe-haven greenback and U.S. bond yields, as well as recent increase in the U.S. pandemic infection rates gave support to the pound.

  3. The pound also received support from Britain’s better-than-expected economy that grew more than expected last week.

  4. Meanwhile, UK gilt yields rose primarily due to the sell-off in U.S. Treasuries, the efficient vaccine rollout in the UK, and the easing of restrictions in England.

GBPUSD