Forex Daily Analysis : February 16, 2021

Forex daily analysis on February 16, 2021 will discuss the movement of the Swiss franch versus the US Dollar, in the Asian session trading on Tuesday, February 16, 2021 is expected to still try to continue its strengthening. The strengthening of the Swiss franch is due to the weakening that occurred in the United States Dollar currency, the condition of the US Dollar will be discussed in more detail about the causes and their impact on the market. The greenback in recent days has weakened against several other major currencies, except for the Japanese Yen. The weakening of the US Dollar occurred for almost 2 weeks, this is due to the pessimistic attitude that arose towards the implementation of the Covid-19 vaccine and the approval process of the fiscal stimulus package for the US Covid-19 pandemic relief fund of US $1.9 trillion, causing interest in other risky assets such as stocks, thus diluting the function of the US Dollar as a safe haven. The pound sterling is one of the gallant currencies in the midst of the weakening US dollar, the movement of the pound sterling strengthened and reached its highest level. This strengthening occurred due to optimistic news about Covid-19 vaccination that continues to be carried out by the British government and the good news that the continued decline in Covid-19 patients in the UK also encouraged the strengthening of the Pound. This further makes the assumption that the UK will become a country with a faster economic recovery compared to other countries in the eurozone. But on the other hand, members of the Senate from the US Democratic Party are still processing the proposal for a planned Covid-19 relief package, in addition to the plan for a direct cash assistance fund worth US $1,400. Regarding the extension of the program of more benefits for the unemployed, as well as assistance to underprivileged families and compensation for children. Market participants are optimistic that this fiscal stimulus plan proposal will be agreed, this is even clearer with the support of the new US Treasury Secretary Janet Yellen. Experts think that the condition of the US Dollar will still be able to weaken further if the optimism of these investors continues for a long time.

Forex Daily Analysis Predictions

Today's FOREX prediction on the USDCHF pair is expected to strengthen/decline and the recommended OP (Open Position) is SELL at the level of 0.88800. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on February 16, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.