Safe Havens Catch A Breath

It looks like the correction of the safe haven assets and the USD has finally arrived. Obviously it is not the trend reversal yet but when spotted early enough, it can still be a decent trading occasion, even if it won’t last long.

USD/JPY after triggering the buy signal with the bullish breakout of the flag, now gets ready for a correction. It is a good time for that, especially when only 2 out of the last 12 days were bearish and that we are exactly in the middle, between the important mid-term resistance(115.4) and support (111.9).

USD/CHF is having a very similar situation. We also do have a flag but it seems somehow stronger with and additional help of this iH$S pattern. Here that would be a first bearish day in this week and no doubts that it won’t deny the overall positive sentiment in any way.

Also silver is having a time off today and buyers can finally catch a breath. Recent three weeks were tough for them and probably they will be allowed now to retest the recent up trendline as the closest resistance (black). For now, this upswing, seems like the maximum amount of effort they will handle and foremost, will be allowed to make.

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