Today’s highlights:
USDCHF has collapsed, but then staged a sharp rebound. The risk is still seen lower though while below .9131/40.
EURUSD collapses below the 2005 low at 1.1641 to leave the trend directly bearish for 1.1212 next, ahead of our 1.0836/0765 core target.
EURGBP’s downtrend accelerates following the completion of a large top, and we stay bearish for .7579 next, then .7430.
EURJPY focus turns towards the key price support at 134.14. Failure to hold here would mark a large top.
USDJPY’s spotlight turns to pivotal price/38.2% retracement support at 115.56/46, which we look to try and hold. A break would set a top.
USDCAD stages an aggressive bullish recovery to leave the trend still higher through 1.2018, to 1.2280 next.
GBPUSD is expected to stay capped below 1.5318/22 to keep the medium-term trend still lower.
Read the full report: FX Daily