Some Pullbacks/Come Follow-Through Today

It’s a bit of a mixed bag today.

Yesterday provided the Dollar gains I had expected. Some pairs still appear to need a bullish follow-through but should then see a pullback lower. The puzzle is whether we’ll see a basic range day or whether the market will continue to gnash teeth and return to the Dollar upside. However, I can see the potential for a rather quirky range of development. Certainly, I can’t see ravaging rushes in either direction but we should be aware of the structure.

If that is the case, then I suspect it will be towards the end of the day. If there is any pair that could be Dollar bullish then I then it’ll be EUR/USD, USD/CHF – perhaps AUD/USD also although but it does have the risk of a slow rambling day.

USD/JPY should drag EUR/JPY lower but the cross has been rather tough to generate any strong moves at this stage and this trend may well continue.

Basically, it looks like a mostly conflicting development so best take profits when made…

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