Asian markets open the week mildly lower on concerns of another coronavirus outbreak in Beijing. Meanwhile, disappointing economic data from China also weigh on sentiments. Yen, Swiss Franc and Dollar are trading generally higher. Aussie is leading commodity currencies lower. But major pairs and crosses are staying inside Friday's range. Breakout is awaited, probably not until European markets open. Technically, a main focus this week is whether concerns over second wave of coronavirus pandemic would solidify risk reversals. If that happens, which on of Dollar, Yen and Swiss Franc would outperform. USD/CHF's correction from 0.9901 could have completed at 0.9376 with Friday's rebound. Sustained trading above 4 hour 55 EMA (now at 0.9533) would solidify this case and turn near term outlook bullish. USD/JPY's recovery on Friday was relatively weaker. Further fall remains mildly in favor and break of 106.57 temporary low will extend the corrective pattern fro1 117.71 for 105.98 support and below. In Asia, Nikkei is currently down -0.55%. Hong Kong HSI is down -0.86%. China Shanghai SSE is down -0.09%. Singapore Strait Times is down -1.55%. Japan 10-year JGB yield is down -0.0018 at 0.015. |
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