Still Back To The Dollar Upside

These lower degree structures can be a pain in the backside. Too much noise and far more risk. With EUR/USD back to 33 points below the 1.2092 high there ain’t much room on the upside. We’ve seen USD/JPY bottom out – for now – and that suggests a general potential for dollar gains. GBP/USD could just reverse back lower – but does have a little potential for a new corrective high before losses resume. Equally, USD/CHF should push higher but until 0.9816 breaks there will be a mild risk of a final dip below yesterday’s low.

Overall, I tend to feel that we have dollar upside potential but without too much oomph behind it. This tends to suggest that EUR/JPY is more likely to see a more narrow range today.

As for the Aussie, the alternative I mentioned yesterday has developed and we should see a little more movement higher but don’t get too excited. Watch for reversal indications…

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