As markets are driven mainly fundamental at the moment, today something a bit different than a classic chart analysis.
This week could end with the biggest fall of USD in one week since years. Whereas stock markets mainly focused on the stimulus package, the value of USD droped rather unnoticed.
But with this numbers it will appear on many radars. Therefore expect big players to hedge their USD with different currencies (or change their hedging rates ). This could lead to even more pressure on USD.
The chart you see is the DXY - it shows the value of the USD against 6 currencies:
Euro (EUR), 57.6% weight
Japanese yen (JPY) 13.6% weight
Pound sterling (GBP), 11.9% weight
Canadian dollar (CAD), 9.1% weight
Swedish krona ( SEK ), 4.2% weight
Swiss franc (CHF) 3.6% weight
Check how the size of the candles changed over the last days. This high will most likely continue in USD pairs for the next couple of days.