The CZK's attempt to recover continuously gets foiled by the USD

٨ أبريل ٢٠٢٠

In the recent sessions, it has been a constant tug of war between bulls and bears for the USD/CZK pair. The Czech koruna’s attempt to recover continuously gets foiled by the US dollar. However, the results from the Czech Republic’s unemployment rate caught investors off guard as it remains unmoved for the month of March. The results from the unemployment rate prevented the greenback from pulling the pair higher this Wednesday. However, it’s still believed that the pair will eventually climb back up to its resistance levels by the half-way mark of the month. Despite recent contractions, the pair is running on bullish territories as the 50-day moving average continues to advance against the 200-day moving average. Meanwhile, the US dollar remains prominent in the foreign exchange market despite the massive surge in the number of coronavirus cases in the United States, which is now the country with the highest number of cases.