Hey traders! Below are the latest forex chart updates for Wednesday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!
USD/RUB
The Russian ruble is slowing down by the intense pressure on its back, but the buck is not strong enough to save itself from bears. The trading pair’s prices are widely projected to remain bearish but will slightly slow down. Prices should still head down and reach its support level, reaches ranges last seen in early March. The Russian ruble is faced with both challenges and support that is causing a push and pull effect in prices. Traders are considering the strong performance of crude oil prices in the commodity market which is greatly fueled by demand hopes and vaccine hopes. Another factor to be considered is that there are two main pressure points that could cause a reversal once prices hit their support. The first one is the foreign policy issues and the second is widening investors’ suspicion. Powerhouses from the West are accusing Russia of trying to steal the developments made for the coronavirus vaccine, threatening sanctions on Moscow.
USD/ILS
The Israeli shekel looks to extend one of its best rallies in a while against the US dollars. Bearish investors are slowly but steadily driving the pair towards its support level. It’s believed that prices would hit their lowest ranges since June 2011, an impressive feat for the Israeli shekel. Looking at it, the shekel has successfully erased its losses against the US dollar from the beginning of the coronavirus pandemic. However, the situation looks like it’s getting dire and some experts are now saying that it could have a reversal anytime soon, perhaps once it reaches that support. With the number of cases continuing to rise, the government of Israel said last week that it will be mandating new restrictions that will include closing business and even beaches on weekends just to contain the spread. According to reports, the closure is going to be costly for the government and should strike approximately 800 million shekels from its still-recovering economy.
USD/ZAR
The surge in the number of COVID-19 cases in South Africa and around the globe has caused bears to slightly retreat this Wednesday. Despite that, the exchange rate’s prices remain on track to reach their support level by the beginning of August. The rand has reached its one-and-a-half-month peak and apparently, it has made it through its initial support level which it failed to break past on its first recovery attempt. The rand is slowing down as investors wait for crucial economic data that could once again shake the currency’s confidence. Unfortunately for bears, they are currently facing a huge roadblock that would be difficult to overcome but not impossible. Later this week, the South African central bank is scheduled to announce its interest rate decision and its widely projected that it will ease its rates by 15 basis points. This should strain the South African rand but if the US dollar continues to crumble and shake, it could still gain against it.
USDSEK
It’s a rough time to be a bullish investor of the USDSEK exchange rate. Prices are significantly getting lower and lower, and despite today’s breather, the pair is still projected to continue its decline. The US dollar to Swedish krona trading pair should finally see levels last seen in June 2018, erasing the solid almost-two-years run of bullish investors. Moreover, Sweden has been known for keeping its economy open during still ongoing coronavirus pandemic. Although most health officials and governments around the world have argued that keeping the economy could further hurt a country, saying that Sweden is wrong. However, as of the moment, the world is looking an almost unstoppable power from the krona and on the other side of the spectrum, the once-dominant US dollar, one the most favored and dominant currency, is being battered by the pandemic due to coronavirus woes, mainly the unfortunate number of cases in the United States.
