Market News and Charts for February 08, 2019
Hey traders! Below are the latest forex chart updates for Friday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!
EUR/SEK
The pair will continue its rally and will retest its previous high last seen in August 2018. The European Union had cut its funding aid to Switzerland as the United Kingdom withdraws from the bloc. The United Kingdom was the second largest contributor in the EU after Germany. This was after Switzerland declined to sign a framework that will incorporate all its bilateral trade agreement with the European Union. Switzerland is neither an EU member nor a member of the EEA (European Economic Area), but has an access to European Union’s Single Market and Customs Union through a series of bilateral trade agreement. The European Union will tighten the implementation of its policy with the Aachen Treaty on which German Chancellor Angela Merkel and de facto leader of the EU and French President Emmanuel Macron vowed to lead the European Union in the years to come.
USD/HUF
The pair broke out of the down trend channel’s resistance line, which signals that it will retest its previous highs after failing to break out for five (5) times. The European Union was walking away from its dependency with the United States, while the eastern and nationalist bloc of Visegrad Group was also walking away from the European Union’s policies on immigration. With these, the United States found a friend in the European Union, but experts warned that the relationship between the US and the Visegrad Group was founded on the needs of each other. The United States need the former Warsaw Pact members to counter Russia’s aggression after the US accused Russia of failing to company with the INF (Intermediate-range Nuclear Forces) Treaty. The Visegrad Group on the other hand, need the US influence to gain recognition and be part of creating the European Union’s future.
USD/MXN
The pair was expected to continue going up in the following days as it consolidated on a major support line. The United States and Mexico’s relationship was at its peak with the election of the new Mexican President Andrés Manuel López Obrador, who seemed to be softer with Trump that its predecessor. In line with these, the United States will invest $5.8 Billion in Central America to prevent migrants in crossing the border. Today, February 08, US President Donald Trump announced that he will withdraw from the 2013 agreement on fresh tomatoes, which the president says was part of Mexico’s unfair trade practice. Trump was still struggling to pass his ratified NAFTA (North American Free Trade Agreement) in the US Congress after House Democrats promised to halt Trump’s policies under Nancy Pelosi’s leadership, which was the Speaker of the House of Representative, which makes her third-in-line to the US Presidency.
USD/PLN
The pair was seen to continue its rally after bouncing back from the down trend channel’s support line and broke out on the resistance line. The Visegrad Group was trying to build its influence in the European Union after it hosts the United States to talk regarding Iran’s role in the Middle East. The CEE (Central and Eastern Europe), which Poland is a member, was also seen pivoting to China to help the group spur their economy. However, the relationship matters to the United States the most after it withdraw from the 1987 INF (Intermediate-range Nuclear Forces) Treaty with Russia. The Visegrad Group were former Warsaw Pact members, which faces towards Russia, and is a key geopolitical location in countering Russia’s aggression. Israel, which is a US ally, also hosted the Visegrad Group’s effort to create a nationalist bloc in the European Union to counter a German and France led “United States of Europe”.
