COVID-19 cases in the United States topped 3.46 million as of Wednesday afternoon

The number of COVID-19 cases in the United States topped 3.46 million as of Wednesday afternoon.

There have been more than 136,000 deaths, according to the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University.

California is getting special attention considering how rapidly the virus is spreading. 

The number of cases in California is now on pace to double every 29.2 days, a number used to measure how quickly the virus is spreading.

Coronavirus can infect people so rapidly that it has continued to spread despite shutdown orders aimed at slowing the growth of new cases and flattening this line.

Over the past week, the state has averaged 8,902 new cases and 95.6 new deaths per day.

California coronavirus cases today are at 11,126 vs 7346 yesterday.

Outlook for the US dollar

The path of the US economy largely depends on developments involving COVID-19 as the country has failed to control the pandemic, Patrick Harker, president of the Federal Reserve Bank of Philadelphia, said at a virtual event by the Center City Proprietors Association.

Despite the enormous sacrifices made by tens of millions of Americans, the country has still failed to control the virus.

A Fed president might like to think otherwise, but there is only so much policymakers can do right now to affect the economy.

Our country's economic performance in a large part depends on what happens with COVID-19, 

Harker said.

The US dollar has prospered in the wake of the virus, and the rationale should be that it would tread softer grounds on signs of a peak or a vaccine.

We have one of those for the playbook in the mix with the news that a vaccine could be on the way. 

An experimental vaccine, developed by Fauci's colleagues at the National Institutes of Health and Moderna Inc is the first COVID-19 vaccine tested in the US and it has been reported to have heightened 45 volunteers immune systems just the way scientists had hoped.

"No matter how you slice this, this is good news," Dr. Anthony Fauci, the US government's top infectious disease expert, told The Associated Press.

There is an inflationary theme tied to this which, over time, would likely support the case for a softer dollar. 

Emerging markets have been on the move over the course of the recovery from the viruses initial impact which has had a direct negative correlation to the dollar. 

A continuation in the trend of the MSCI to the upside will potentially have negative impacts on the DXY going forward. 

Hourly resistance playing out as well for near term structure analysis: