Thursday, January 11, 2018

BACK TO THE DOLLAR UPSIDE

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 EURUSD and the deeper losses in USDJPY and USDCHF. I don’t think USDJPY has completed the decline but today should see a pullback higher - also in USDCHF but the Swissie may be able to stave off a break below yesterday’s low. However, it is touch and go.

Both EURUSD and GBPUSD 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 EURJPY, that has seen some robust losses and helped by the losses in USDJPY. Today should initially see losses but then a pullback – not too deep – but overall, once EURUSD extends losses (and USDJPY forming a correction higher) we should see losses resume…

Good trading
Ian Copsey  







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