FX Update: The Slow Development Continues…

At least, we have seen some Dollar gains but it’s slow going. Having said that, I’m not too surprised with GBP/USD still appearing to be developing a triangle that will need pullback and then losses. If we just see losses, then we’re looking at more impulsive development. However, I doubt this because we still have to see losses in USD/JPY and, by gum, it’s been slow, but I still look for the downside.

Another pair that has been creeping around – EUR/USD – should be seeing losses to catch up with GBP/USD. However, we mayneed to allow for a triangle. I tend to doubt this due to GBP/USD… For USD/CHF, we have choices. Does it finally see a triple three or a pullback higher? Perhaps USD/JPY would partner with the Swissie…

I also have a bearish EUR/JPY and with USD/JPY most likely driving the two pairs (with EUR/USD) the downside still seems very vulnerable…

No bearish pergence in AUD/USD. This could see minor losses but overall, we need a bearish pergence to push lower… That looks like a job for next week…

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