Wednesday, January 6, 2010

Day 5 & 6 of 2010

Yesterday GBP, EUR and CHF gave some nice signals. Basically they finished their correction against the daily trend and latched on the trend again.

There were some pretty clear signals that helped identifying it. Today since Europe came in the markets have whipsawed a bit. The picture is little unclear though the daily trends are quite intact. Time will tell what course the pairs want to take.

USD/JPY may correct to 91.50 level before it can start its upward journey. Yesterday was the first time in about two weeks, that the pair had a meaningful correction. May take a day more to work itself out.