On the whole, yesterday basically tread the path I had expected, perhaps with the exception of a rather static GBP/USD and a bearish EUR/JPY. The outcome appears to suggest a bullish EUR/USD, bearish USD/JPY and USD/CHF while GBP/USD needs to make up its mind. The problem I am facing in GBP/USD is that if it rallies then it needs to be by around 400 points at least while EUR/USD will need only around 200 points and USD/CHF lower by just over 150 points.
However, I smell a rat and wonder whether there are some complex corrections that could cause the development to slow down. Indeed, the pullback in USD/CHF was pretty shallow, much shallower than I had expected. Therefore, the analysis is going to be pretty defensive but I shall try to attempt to identify break areas that would signal a more directional move.
This tends to suggest a range bound consolidation day, with the exception of AUD/USD that looks like seeing a pullback lower.