Slow development – early dollar gains and a reversal higher

Very clearly there is some uncertainty within the Brexit arena it’s just too risky to try and trigger a stronger development and with the structures we have, it certainly looks like a couple days of consolidation. Having said that, it will be a bit whippy at some time. Basically, I’m looking for Dollar gains and followed by a deeper reversal back to the downside with GBPUSD most likely to see new highs – also EURUSD to new highs but not above 1.1404.

USDJPY looks like seeing a pullback lower but which will then require further gains. By the slow development in this pair, this could take a day or two to get back to the upside. USDCHF has plenty of time to form zigzags and that’ll finally find a low for a reversal higher. 

The Aussie has formed a Wave i and now it’s a case of how deep the Wave ii will be, followed by losses. EURJPY has tricked me and is now in a Wave (ii). I think we have seen the high and is now looking to break below the rising channel.

The Daily Forecaster is an analytical tool only and is not intended to replace individual research. The service is offered as an opinion on the current state of the market with anticipated trading signals but not recommendations. The information provided in The Daily Forecaster should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. Ian Copsey is merely providing this service for your general information. No representation is being made that any view or opinion will guarantee profits or not result in losses from trading. In addition any projections or views of the market provided may not prove to be accurate. The opinions are subject to change without notice. Opinions or views expressed in The Daily Forecaster are not meant to be either investment advice or a solicitation or recommendation to establish market positions. Ian Copsey will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. The information contained is private and may not be distributed or shared.