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Market News and Charts for May 28, 2020

Hey traders! Below are the latest forex chart updates for Thursday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!

 

USD/CZK

The Czech koruna is poised to secure more gains against the US dollar. Although yesterday bulls were able to cause the pair to steady thanks to the quick risk-averse sentiment. Investors of the US dollar are moving cautiously, monitoring the progress of countries that are reopening their economies and closely eyeing on the escalating geopolitical tension between Washington and Beijing. The US dollar is seen faltering against so many currencies in today’s trading. The upcoming weekly jobless claims report in the United States puts the pressure and attention to the greenback. Meanwhile, despite the rising debt rate in the country, the Czech koruna remains determined to recover its losses against the US dollars. Bearish traders of the USDCZK exchange rate seek to force it to its support level by the first few days of June. And another factor that’s slowing it down is weak bond purchases seen in the Czech Republic.

Market News, Market News and Charts for May 28, 2020

EUR/CHF

The euro to Swiss franc exchange rate is currently trading at levels last seen in early March 2020. It appears that the tides have turned against the Swiss franc and are now in favor of the euro. Bullish investors seek redemption as they were previously crushed by the safe-haven currency. However, the bullish trend of the pair will actually also be favorable for the Swiss National Bank, who, in the previous weeks, have expressed their frustrations to try to stop the Swiss franc from further rallying. The reopening of economies in Europe and the massive support package for the bloc is helping the euro to get back to its feet against the Swiss franc. See, since the pandemic began, the Swiss franc has strongly surged against most currencies and the euro has also faced major roadblocks. The reaction of the market to the EU recovery package proposal was very detrimental to the Swiss franc as it revived the hopes of investors in the region.

Market News, Market News and Charts for May 28, 2020

EUR/GBP

The euro to British pound exchange rate is heading to its resistance as the euro gets a boost from the optimism brought by the news about a massive euro support plan. The EURGBP is currently facing downsides but is expected to recover immediately thanks to the Brexit concerns that should eventually weaken the pound sterling. The upcoming Brexit deadline is believed to be the main factor that will cause the sterling to collapse. Also, talks about the Bank of England potentially cutting its rates to negative territories is preventing the British pound from defending successfully against strengthening euro. However, given that the current financial market and hopes that the UK economy are now recovering is a great counterbalance to negative rate concerns. Another discussion that has been floating around is the probability of increasing the QE program instead of negative rates, which could be more ideal for the pound sterling’s case.

Market News, Market News and Charts for May 28, 2020

EUR/JPY

Since the news about the Japanese economy entering a recession boomed, the Japanese yen has lost its steam and its safe-haven appeal. The unstable status of its economy that is also met by massive stimulus packages is causing the Japanese yen to falter in the trading market. The pair is widely bullish and is on track to reach its resistance next week. Bulls are taking the opportunity to regain their losses from earlier this year. The optimism in Europe that is also coupled with the renewing risk appetite is very much working in favor of the euro. Although Germany is now also in recession, and it is known as the powerhouse of the bloc. This also comes with benefits as it pushes leaders to come up with an impressive rescue plan for the region and its economies. The trade tension between the United States and China has failed to keep the Japanese yen going, and it appears that it will continue to depreciate in the foreign exchange market.Market News, Market News and Charts for May 28, 2020

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