I caught a cold yesterday – figuratively. The deeper pullback in the Dollar was not on my mind yesterday. It seems that I missed a triangle in EUR/USD and the deeper losses in USD/JPY and USD/CHF. I don’t think USD/JPY has completed the decline but today should see a pullback higher - also in USD/CHF but the Swissie may be able to stave off a break below yesterday’s low. However, it is touch and go.
Both EUR/USD and GBP/USD should make losses today – but in the early stages of the day we could see a pullback higher. These two still need to make some decent losses but whether we see a low today, I’m not so sure. Most likely that will happen tomorrow.
The Aussie is in a position that could also see a pullback higher but we’ll need to watch out for losses to resume.
As for EUR/JPY, that has seen some robust losses and helped by the losses in USD/JPY. Today should initially see losses but then a pullback – not too deep – but overall, once EUR/USD extends losses (and USD/JPY forming a correction higher) we should see losses resume…