Wave Analysis
During the previous trading, the Us Dollar continued short as previously anticipated but go supported along the lower trend line acting as the support to the falling channel. We expect the upward rally that followed the rebound from ths lower trend line to be mere corrective three wave cycle and should not close beyond the upper resistive trend line. A breakout above this trend line may push the price further to the upper side but should not go beyond the daily resistance level 111.82. Expect a similar price action in CHFJPY, AUDJPY, CADJPY, NZDJPY and HKDJPY. These pairs have a strong positive correction of up to +71% and will move in the same direction during this intraday.
Trade Recommendation.
Remain flat and wait from a rebound from the upper trendline to short this pair towards 104.00.
Origin: FreshForex
