Friday, September 8, 2017

The market doesn’t like the Dollar, does it?

The massively complex development continues. Yesterday saw a new daily low in USDJPY – something I had not anticipated. USDCHF broke below 0.9505 and that implies a squeaky bum time as it approaches 0.9427. Equally, from what I see in EURUSD there’s hardly any room on the upside to squeeze in another rally that should, ideally, hold below 1.2070. The only way I can see this happening is with an initial deep pullback first, otherwise we’ll see a break above 1.2070…

However, GBPUSD, that started the silliness, will need to see its gains hold below 1.3267. So we should be looking for follow-through today, the biggest puzzle being in EURUSD and also USDJPY that, after a long time tapping in my spreadsheet, still hasn’t really convinced me of the structure.

That AUDUSD made a new high in the rally was good and even this pair is moving to a high but it still has a while to go. Maybe this will take us through into next week.

Thus, take it steady and note the projection ratios I have in the report that will provide some guidance to how this Dollar begins to slow down.

Have a great weekend
Ian Copsey  

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