The way to make money is to buy when blood is running in the streets.
The Single currency edged lower to $1.1283 despite ECB President Christine Lagarde defended the ECB’s proportionate policies last week at a hearing in the European Parliament.
The Pound continued its quest above $1.2700 helped by indication of rebounding UK consumer demand.
The Yen extended big overnight gains to a week-high of 108.03 against the greenback as investors weighed the possibility of a yield curve control from the Fed which meets on Tuesday and Wednesday.
The Aussie swiftly retreated from milestone peak at $0.7041 this morning amid renewed US dollar demand as Australian-China tensions continue to linger.
The South African Rand soared to 16.72 per dollar as carry trade attraction and optimism for trade in South Africa’s commodity markets serve to underpin the unit.
On the domestic market, the USD/MUR slipped to 40.10(selling) this morning pressure by BOM’s intervention yesterday.
18:00 - USD - JOLTs Job Openings (Apr)
- From an Elliott Wave standpoint, USDCHF could potentially unfold into compelling impulsive Wave C of the zigzag correction of Wave (2) to a narrowing region 0.9550 (50% retracement of Wave (1)) to 0.9395 (100% projection of Wave A through B) in the near term trend, from the downside bias from April 6th high of 0.9797.
- Price could immediately start to shoot back up into Wave (3) on a longer perspective.
- Piercing above the resistance 0.9905 would endorse the structure.
- Alternatively, broader bearish invalidation of Elliott Wave Structure rest at 0.9191 of March 9th low while Relative Strength Index signals a bullish recoil higher for the pair.