The dollar nursed losses against major currencies on Friday ahead of the U.S. non-farm payrolls report, which some investors fear could reinforce the view that momentum in the world's largest economy is slowing. Sentiment has turned against the greenback due to a combination of rising U.S. coronavirus infections, a steady decline in Treasury yields, and a lack of consensus in Washington over additional fiscal stimulus. Analysts say the dollar will continue to fall, particularly against the euro, the yen and Swiss franc, as expectations for a V-shaped recovery from the coronavirus epidemic fade and investors take a more sanguine view of markets.
Still the market is triggering a short term upturn, looking for attempts to extend rallies and attack the previous swing high peaking levels. A breakout over the 1.1920 swing high signals a stretch to 1.1990. A close under 1.1760 (SAR) is bearish and suggests a secondary selling wave.