- USD/JPY is in recovery mode helped by heavy intervention by the Japanese authorities. Buying in the JPY cross pairs is also helping USD/JPY but the offers (and technical resistance) between 83.30/84.50 are significant.
- EUR/USD is benefitting from Middle East buying thought to be related to oil-reserve diversification; long-term EUR/JPY and EUR/GBP shorts have been covering; M&A activity is thought to be heavily EUR/USD positive in short-term.
- AUD/USD is storming higher for the reasons given earlier.
- USD/CHF is in a similar situation to USD/JPY in that heavy short-covering on the crosses have driven it higher but the offers on rallies have been reportedly very large
I see no reason to move away from my bearish USD view either in the short or the medium term. It becomes a matter of which pair to trade, and that of course is a timing issue (as are most things to do with trading).
