Nvidia, AMD to pay 15% of China chip sales revenue to US govt- FT
All best laid schemes of mice and analysts… Very little went right yesterday. No, I correct myself. Nothing went right at all… Yesterday’s approach seemed to be logical and applicable to all currency pairs but very obviously the market had other plans…
Thus, with EUR/USD and USD/CHF still stuck between the daily and weekly Price Equilibrium Clouds we have to wait and see which will break first… The additional losses in GBP/USD (where price is below the daily Cloud and threatening the weekly Cloud low) are edging the balance lower there and it is still this one that brings me not only a greater headache but the potential for the entire bullish foundation I had been following to break down. There could be a “get out of jail free” card even if it does drop but I can’t see that much leeway in EUR and CHF…
Focusing on EUR/USD and USD/CHF they have a certain duality still. Yesterday’s additional dollar gains weren’t decisive but also don’t look complete. Thus, I suspect we’ll see further gains later today with the critical point being the 1.2997 low in EUR/USD and 0.9303 in USD/CHF. With these breaking the risk of further substantial gains does rise.
There’s another factor that’s bothering me also – the stubborn refusal of USD/JPY to correct lower, even pushing ahead again as Asia opens and seems to be threatening to retest the 88.41 high. If it happens we need follow with it. There are higher projection targets, to be precise two clear projection targets, that we’ll need to watch but of course this will have an impact on
When we began this rally from 77.12 I had envisioned a final target around 101, that being a final high from the 75.57 low. However, the way this is developing now does seem to suggest a whole new ball game that will suggest a move closer to 110-120. Don’t get too excited just yet as there still needs to be a deeper correction first. However, that’s the impact this weekly rally suggests…
Thus, we have to accept EUR/JPY could be dragged along with it but still with the extreme uncertainty in target projections due to the sheer lack of deeper corrections that could identify the next possible target…
Thus, with EUR/USD and USD/CHF still stuck between the daily and weekly Price Equilibrium Clouds we have to wait and see which will break first… The additional losses in GBP/USD (where price is below the daily Cloud and threatening the weekly Cloud low) are edging the balance lower there and it is still this one that brings me not only a greater headache but the potential for the entire bullish foundation I had been following to break down. There could be a “get out of jail free” card even if it does drop but I can’t see that much leeway in EUR and CHF…
Focusing on EUR/USD and USD/CHF they have a certain duality still. Yesterday’s additional dollar gains weren’t decisive but also don’t look complete. Thus, I suspect we’ll see further gains later today with the critical point being the 1.2997 low in EUR/USD and 0.9303 in USD/CHF. With these breaking the risk of further substantial gains does rise.
There’s another factor that’s bothering me also – the stubborn refusal of USD/JPY to correct lower, even pushing ahead again as Asia opens and seems to be threatening to retest the 88.41 high. If it happens we need follow with it. There are higher projection targets, to be precise two clear projection targets, that we’ll need to watch but of course this will have an impact on
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EUR/JPY also and may well threaten fresh highs in the cross as well. When we began this rally from 77.12 I had envisioned a final target around 101, that being a final high from the 75.57 low. However, the way this is developing now does seem to suggest a whole new ball game that will suggest a move closer to 110-120. Don’t get too excited just yet as there still needs to be a deeper correction first. However, that’s the impact this weekly rally suggests…
Thus, we have to accept EUR/JPY could be dragged along with it but still with the extreme uncertainty in target projections due to the sheer lack of deeper corrections that could identify the next possible target…
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