Having seen the highs that formed the Wave (ii)’s in EUR/USD and GBP/USD, we are still looking for further losses. Not all is quite correlated so I’m not expecting the 4 majors to develop in synchronicity. Most likely, the early stages appear to be moving together well. It’s just EUR/USD that appears to need a stronger decline. Indeed, with very limited upside in EUR/JPY the risk is for EUR/USD to generate deeper decline. GBP/USD, in comparison, will see losses but I feel they won’t be as strong as EUR/USD. In fact, EUR/GBP is due quite some decent losses. So much for the expectation within the silly, childish spat between UK and the EU…
USD/JPY needs a pullback and a final rally. USD/CHF needs a little more work to complete a Wave v to complete a (green) Wave [c]/[i]. This will need a firm follow-through although in this pair, it always makes a mountain out of a molehill.
Lastly, the upside down currency may well be the strongest of all the pairs that should see quite a decent follow-through…