Back To The Dollar Upside

Published 11/06/2018, 11:25 PM
Updated 07/09/2023, 06:31 AM

Yesterday was a rather limp and basically negative day. EUR/USD and USD/CHF saw slow, lacklustre and tedious day – and conformed to yesterday’s headline that suggested complications. However, I think today will be a more constructive day and now looking for the Dollar to rise once more. GBP/USD has either seen its high – or will only need a marginal new high. USD/CHF formed a Wave i and Wave ii, while EUR/USD formed a simple zigzag. Thus we should begin to see some decent moves to the Dollar upside.

In the meantime, USD/JPY confirmed the upside also and has formed a decent rally. It may see a slightly deeper pullback but overall it should see steady gains once again. With USD/JPY pushing higher along with EUR/USD, it is approaching a barrier in EUR/JPY. This tends to suggest that EUR/USD will generate some solid losses.

The past two days have seen a slow, gentle pullback higher but it’s now time for losses…

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