EUR/USD And GBP/USD: Losses Likely Ahead

Having EUR/USD and, in particular, GBP/USD that saw a new pullback of 90%, we have very little wriggle room on the upside. Hence, I suspect we are going to see some decent losses.

Then I took a look at the weekly decline in USD/JPY, particularly because it had seen a new low last week that moved to a new low that could imply that we have seen the final low. Clearly, within a weekly development, I looked at the major swings. I have just taken the time to see if there was an alternative and it actually worked quite well… I would suggest taking care. Basically, if we just see gains in USD/JPY, I’d suggest that we have seen the low.

My only problem is in USD/CHF. This has been a difficult development and I have some doubts. Perhaps the minor pullback at the end of Friday was just that and could see gains. However, this pair will need to make its own way.

If USD/JPY has seen the final low, then we’re going to see some consolidation or more limited losses. There is also the risk of an expanded flat although I tend to doubt, but I suggest caution here also.

The Aussie: will it rally to a new high, or, will it now join the brat packs and make its way to a new low?

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