Daily Forex Evaluation – March 9th, 2021

Trading | 6 months ago

Daily Forex Evaluation – March 9th, 2021 - tradeglobalmarket

In the Daily Forex Evaluation segment, we evaluate the major currency pairs which are also the most traded currency pairs based on technical and fundamental analysis. The most traded currency pairs are EUR/USD – Euro Dollar, USD/JPY – Dollar Yen, GBP/USD – Pound Dollar and USD/CHF – Dollar Swiss Franc.

EUR/USD Evaluation - March 9th, 2021

EURUSD - Daily Forex Evaluation

As seen from the charts, EUR/USD is trending downwards. USD gained momentum against major currencies including EURO and Japanese yen. The nonfarm payrolls report released by the American government showed the increase in the number of jobs in February month. Recently, EUR/USD broke the support zone of 1.19700 and it is currently testing the support zone of 1.18500. Look for selling opportunities of EUR/USD if it breaks this important support level with a strict stop loss.

USD/JPY Evaluation - March 9th, 2021

USDJPY - Daily Forex Evaluation

As seen from the daily chart of USD/JPY, it is trending upwards. Yesterday dollar strengthened against most major currencies due to multiple reasons, one being the Senate passing the $1.9 trillion a relief package. The package is expected to be approved in the next few days. Once approved it will further strengthen the US dollar. Look for buying opportunities of USD/JPY.

GBP/USD Evaluation - Marc h 9th, 2021

GBPUSD - Daily Forex Evaluation

Recently GBP/USD is consolidating at the resistance zone of 1.38400. GBP/USD was trending upwards consistently from last four months. GBP/USDs next support zone is at 1.38000. Look for short-term selling opportunities of GBP/USD if it breaks the support zone of 1.38000. Look for buying opportunities if it breaks the resistance zone of 1.38400.

USD/CHF Evaluation (Dollar Swiss Franc) - March 9th, 2021

USDCHF - Daily Forex Evaluation

As seen from the daily chart of USD/CHF, it is trending upwards. The USD/CHF pair gained more than 210 pips last week and continued its bullish momentum till today. Currently it is consolidating modestly at the level 0.9356. USD/CHF touched its highest level since July 2020. Look for buying opportunities in USD/CHF as the USD's market valuation against the world's major currency pairs continues to dominate USD/CHF's movements.

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