Comment: Mercifully moving lower at a stately pace, but not out of the woods yet; we remind that until this pair can hold steadily below 0.8400 the risk of a sudden upside rush cannot be ruled out. We feel that the steady series of lower highs will push this pair down to 0.8000/0.8100 within the next six months. Then below 0.8000, one standard deviation above the long term mean, to 0.7750 by year-end.

A monthly close above 0.8000 would force us to review.