Friday wasn’t a good day. Both USDJPY and USDCHF made new highs while EURUSD extended losses and GBPUSD also corrected higher. I can cope with USDJPY and USDCHF through an overlap in a Wave [v] from 112.52 and 0.9704 respectively. I could even consider stronger gains in USDJPY but I can’t with USDCHF. I took another look at the drop from 1.0343 and there’s no way it could be considered an expanded flat down to 0.9421. Therefore, I tend to prefer losses in these two pairs – once they’ve confirmed their highs – but then we have all four majors pointing lower… except if they morph into triangles. So we should take care as the week begins to judge how the four develop.
Indeed, as I write, USDJPY – after the election – there may be a chance of gains. So if this occurs we should follow the trend. In USDCHF, my lower degree charts (below daily) have suddenly lost its history. However, I feel that it should cap very soon. I hope this gets resolved soon…
Now, the interesting puzzle in EURJPY is now impacted by USDJPY – that appears to suggest gains – should see the cross decline and that implies a bearish EURUSD. Thus, it’s rather a tantalising situation and therefore also needs some due care and attention…
Equally, AUDUSD has a similar situation with a line that is drawn at 0.7779. This must support to see gains else just collapse…
Have a profitable week
Ian Copsey
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