Minor operational scale (Daily)
Options for the development of the movement #USDX vs EUR/USD & GBP/USD & USD/JPY (Daily) in June 2020
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US dollar index
Starting June 1, 2020, the movement of the #USDX dollar index will begin to be determined depending on the direction of the breakdown of the range:
- resistance level 98.45 on the Median Line of the Minor operational scale forks;
- support level 98.05 on the initial SSL line of the Minuette operational scale fork.
Breakdown of the Median Line Minor - resistance level 98.45 - development option of the upward movement of the dollar index to the borders of the equilibrium zone (99.30-99.70-100.10) of the Minuette operational scale forks and channel 1/2 of the Median Line (99.45-100.45-101.45) of the Minor operational scale forks.
If the initial - SSL (support level 98.05) and control - LTL (97.90) of the Minuette operational scale forks are consistently broken, the downward movement of #USDX can be continued to the goals:
- lower bound of ISL61.8 (97.45) equilibrium zone of the Minor operational scale fork;
- final Shiff Line Minor (96.40).
The markup of #USDX motion options in June 2020 is shown on the animated chart.
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Euro vs US dollar
From June 1, 2020, the single European currency EUR/USD will continue to develop movement in the equilibrium zone (1.1050-1.1155-1.1260) of the Minor operational scale forks - details of this movement within the specified balance zone are shown on the animated chart.
A breakout of the lower border ISL38.2 equilibrium zone of the Minor operational scale forks - support level 1.1050 - will determine the further development of the movement of a single European currency within the boundaries of the channel 1/2 Median Line Minor (1.1050-1.0950-1.0845) and equilibrium zone (1.0950-1.0890-1.0830) of the Minuette operational scale forks.
And if there is a breakdown of the resistance level of 1.1260 at the upper border of ISL61.8 of the balance zone of the Minor operational scale forks, then it will be possible to continue the development of the upward movement of EUR/USD to the final Shiff Line Minor (1.1370).
The options for the EUR/USD movement in June 2020 are shown on the animated chart.
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Great Britain pound vs US dollar
The development of the movement of Her Majesty's currency GBP/USD/USD from June 01, 2020 will be due to the development and direction of the breakdown of the range:
- resistance level 1.2355 at the upper border of the channel 1/2 Median Line of the Minor operational scale forks;
- support level 1.2220 on the control line LTL of the Minuette operational scale forks.
If the control line of the LTL of the Minuette operational scale fork is broken, the support level of 1.2220 - the downward movement of the currency of Her Majesty can be continued to the goals:
- 1/2 Median Line (1.2130) of the Minor operational scale fork;
- local minimum 1.2073;
- lower border of the channel 1/2 Median Line Minor (1.1900);
- SSL Minor starting line (1.1670).
In the case of breakdown of the upper border of the channel 1/2 Median Line Minor - resistance level 1.2355 - the upward movement of GBP/USD to the boundaries of the equilibrium zone of the Minor operational scale fork (1.2580-1.2880-1.3170) and Minute (1.3060-1.3297-1.3520).
We look at the options for the GBP/USD movement in June 2020 on the animated chart.
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US dollar vs Japanese yen
Range development and breakdown direction:
- resistance level 107.80 - Median Line of the Minor operational scale forks;
- support level 107.00 - initial line of SSL of the Minuette operational scale forks.
- and it will determine the development of the movement of the currency of the "Land of the Rising Sun" USD/JPY from June 1, 2020.
If the resistance level of 107.80 breaks through on the Median Line Minor, the development of the upward movement of USD/JPY to the borders of the equilibrium zone will become relevant (108.80-109.40-110.00) of the Minuette operational scale forks with the prospect of reaching the final Shiff Line Minor (110.40).
The breakdown of the initial line SSL of the Minuette operational scale forks - support level 107.00 - option of the movement of the currency of the "Land of the Rising Sun" to the borders of the channel 1/2 Median Line (106.40-105.00-103.70) of the Minor operational scale fork.
The markup of the USD/JPY movement options in June 2020 is shown on the animated chart.
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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers, and is not a guide to action (placing "sell" or "buy" orders).
Formula for calculating the dollar index:
USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.
Where the power coefficients correspond to the weights of currencies in the basket:
Euro - 57.6 %;
Yen - 13.6 %;
Pound - 11.9 %;
Canadian dollar - 9.1 %;
Swedish Krona - 4.2 %;
Swiss franc - 3.6 %.
The first coefficient in the formula brings the index value to 100 on the starting date - March 1973 when the main currencies began to be freely quoted relative to each other.
