It seems unlikely that markets will return to the full-bore panic of March but the dollar advantage will remain until it is clear that the new higher caseload will not prompt another round of economic closures.“There is a sharp divergence in the moving averages. The 21-day is still beholden to the decline from the pandemic panic ranges above 1.3900 and at 1.3555 it was crossed on Wednesday during the week's largest climb. The 100-day at 1.3796 reinforces the 1.3800 resistance line and the 200-day at 1.3487 is a distance backstop for support at 1.3525.”