Friday was quite a rough day. I thought that EUR/USD completed the downside but, we still need a little a minor follow-through. Indeed, I feel that we have the same situation in USD/CHF – perhaps also USD/JPY but I’ve been considering the chance it has seen the top. It may be best to wait for a while to make sure that we are seeing the last legs of the dollar upside to then find the reversal. This should then see a few days – maybe as much as a week – depending on whether we see a double/triple three pullback – or a single zigzag but an overall swing higher.
As for the fourth major, GBP/USD, it basically took the day off on Friday to wait for the other majors to complete their moves.
We have a rather juicy hourly bullish divergence in EUR/JPY. Again, it may just make a minor new low but over the day – and perhaps a few days – we should see a pullback higher. Equally, the Aussie should have completed its decline to see a pullback higher.