1345.20 -- the 5/31-6/1 high is very important. Any trade above that level would confirm what was already suggested by exceeding 1311.80: new highs to come. We would be left with a three-wave decline from the 5/2 high of 1370 which would make the move to the 1258 lows a correction.
If, however, 1345 is not exceeded, and if 1258 is broken to the down side things could get interesting for the bears.
The US dollar seems to be the kingpin, yet again, around which the markets will make their next pivot. Failure to spring higher from current levels opens up new lows, thus opening the door to a last hurrah to virtually everything else.
Still think the USDCHF is a long on this contagion thesis?
ReplyDeleteI do indeed. However, I would have liked to have seen more follow through higher on USDCHF today.
ReplyDelete