Markets have been very choppy over the last couple of weeks and last night’s action was typical fare with EUR/GBP buying and short-covering in USD/JPY and USD/CHF the obvious highlights. The market had been getting bearish on USD/JPY (and they had me convinced as well that a big move was in the offing), only for a sharp turnaround to frustrate the bears yet again.
There are big resistance levels looming for the USD against both the CHF and the AUD. If USD/CHF can break through rumoured big sell orders at .9775 then a sustained recovery may be on the cards; similarly if AUD/USD can break below .9800 then the USD recovery may be more than a fleeting occurence.
Good luck today and TGIF.
