Forex:FX Scorecard: Winners and Losers of 2020 so far

So much has happened since the start of 2020.

The shocking events across the globe sparked explosive movements across currency, commodity and stock markets with investors thrown on an emotional roller-coaster ride. As the first half of 2020 slowly comes to an end, it will be remembered as one of the most volatile periods across markets since 2008 thanks coronavirus and growth-related concerns.

In the FX universe, there were many victims of the pandemic but some currencies were able to exploit the chaos to appreciate!

One of the biggest winners from COVID-19 was the mighty Dollar which has appreciated against almost every single G10 currency excluding the Swiss Franc, Japanese Yen and Danish Krone.

The Dollar Index (DXY) remains supported by fundamentals while technical are aligning in favour of bulls. A solid breakout above 97.80 may trigger an incline towards 98.50 and 99.00. If fears intensify around a second wave of coronavirus outbreaks, the risk-off sentiment may push the Dollar Index towards 100.00 during Q3.

Yen remains a contender for throne 

Another winner in the FX arena was the Japanese Yen.

The Yen has appreciated against most G10 currencies since the start of 2020 thanks to its safe-haven status.

Looking at the USDJPY, the currency pair remains a battleground for bulls and bears but 108.00 could change this narrative. A breakout above this point may open a path towards 109.40 and 110.20.

If the 108.00 proves to be a tough nut to crack, then prices may sink back towards 107.00.

Euro growing tired by the day

Shaky fundamentals from Europe continue to haunt investor attraction towards the Euro.

The EURUSD is coming under increasing pressure on the daily charts with prices struggling to keep above 1.1200. A solid close below the point may trigger a drop towards 1.1100 and potentially lower.

Pound sulks in the corner

The Pound has practically weakened against almost every major currency year-to-date thanks to Brexit related drama and concerns over the impacts of coronavirus to the UK economy.

The GBPUSD is on a slippery decline on the daily charts with prices sinking towards 1.2250. A breakdown below this level may open the doors towards 1.2200 and 1.2160. Jitters around the United Kingdom leaving the European Union with no-deal at the end of 2020 pull prices lower towards 1.2000 and 1.1190.


MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

風險提示

MyFxtops邁投所列信息僅供參考,不構成投資建議,也不代表任何形式的推薦或者誘導行為。MyFxtops邁投非外匯經紀商,不接觸妳的任何資金。 MYFXTOPS不保證客戶盈利,不承擔任何責任。從事外彙和差價合約等金融產品的槓桿交易具有高風險,損失有可能超過本金,請量力而行,入市前需充分了解潛在的風險。過去的交易成績並不代表以後的交易成績。依據各地區法律法規,MyFxtops邁投不向中國大陸、美國、加拿大、朝鮮居民提供服務。

邁投公眾號

聯繫我們

客服QQ:981617007
Email: service@myfxtop.com

MyFxtops 邁投