Back To The Dollar Upside
Ian Copsey | May 23, 2018 11:53PM ET
Well, perhaps – and most likely – we shall see a pullback in a few pairs – not all – but from what I see, the risk is for some deeper gains in the dollar. This is going to need some swings but, by gum, it looks like a pretty steady process from here.
I suspect we’ll see USD/JPY reach the rough 111.00 area for a pullback, losses in EUR/USD for a pullback. A rally in USD/CHF that reach towards the 1.0056 high for a pullback and for GBP/USD to an area around 1.3292-58. And this is just the start of the deeper gains in the dollar…
EUR/JPY has finally seen some serious losses courtesy of both EUR/USD and USD/JPY. However, I suspect now that we’ll see the progress a little slower in the cross with both pairs expected to be dollar bullish.
The Aussie has also formed a decent decline and should soon see a second drop.
Therefore, overall expectation is for a stronger dollar but later a pullback.
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