Market Remains Volatile
The majors continue to correct this week. I am expecting the Dollar to gain more strength this week on the back of the “stress tests”. Overall look for this market to remain very volatile. Bias remains to the buy side on the Dollar on major breaks.
EUR/USD:
This pair is moving sideways in a wide channel at this time and I expect it to retest both sides of the range this week.
GBP/USD:
This pair is also a sell on rallies this week. I am looking for a bounce here early this week but after that we are sellers again. Same comments as last week, worked then and I expect it will work again.
USD/CHF:
This pair broke hard. We have now seen it fall back below 1.15. I am a seller near 1.15 near term but remain cautious with this pair at these levels. I would prefer to see a retest of 1.17 to sell into again.
USD/JPY:
This pair has now corrected to the 96 level which I mentioned in past issues. We are buyers near 96 targeting a move back to and ultimately through 100.
AUD/USD:
This pair did find resistance at 73 and then fell below 70 exactly as we forecasted in the last issue. This pair has rolled over and we are sellers of major rallies this week.
USD/CAD:
This pair did blow off to 1.25 as I warned in the last issue only to then fall also as forecasted. I remain biased to selling into rallies over the longer term but early this week I am a light buyer near the 1.21 level.
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