EUR awaits the outcome of the IT election. UK downgrading and £ selling…but if this is all that will be seen..well then sterling rebound advocated Friday will soon be back. JPY weakness across the board with USDJPY setting a new cycle high but some caution urged given the bullish candle in the weekly JPY index. EURUSD continued 1.3140-3260 ranging, EURGBP looking for the severe upside stretch to soon attract another downside attempt, USDJPY turnaround risk (for the downside remains elevated), EURSEK hourly congestion pattern for more upside action, 8.51/53, EURNOK same, 7.52/54 in focus, USDNOK sticks to a very bullish wave pattern, NOKSEK decline slowed by the long term support line at 1.1275, EURHUF steaming on north, next to 294.35/296, USDTRY impulsive advance targets next 1.8090/8145, BONDS (both BUNDS & NOTES) remains in demand, S&P500 1,518 in focus, bearish below, less so above and OIL should continue lower after a three week bearish top formation completed (CRB gapped lower last week adding to commodity pressure).
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