State of the market: a correction against Friday is unfolding on the market

With the opening of trading on Monday, the major currency pairs can be traced in the flat, which may indicate the formation of a correction. The reason for Friday’s decline in the dollar remained the risks around the US government shutdown and a decrease in the likelihood that the US Fed will continue to raise rates this year. With the opening of trading on Monday, major currency pairs slowed down against the dollar, and Asian-Pacific stock indices began to trade below zero, indicating a decrease in market optimism and a change in market sentiment that will only strengthen movement against Friday.

The US dollar index opened a new week near the level of 95.80, pointing to the break of the upward trend, while being significantly oversold against a basket of major currencies. In the face of growing pessimism in the market, we can expect a correction of the American dollar to resistance levels: 96.00 and 96.20. Support settled at levels: 95.70 and 95.50, updating of these levels calls into question movements against Friday.

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Hanzenko Anton

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