EUR/USD - The correction from 129.93 became more complex (triple three) than first anticipated, but odds favors that we saw the top of red wave ii at 132.63 yesterday. A close below the minor support-line near 131.55 will indicate that the 132.63 test was the top, while a break below 131.03 will confirm the top for a new decline towards 129.93 and strong support near 126.25 longer term.
USD/CHF - Here too it seems that the next part of the uptrend is ready to resume. A break above 91.35 will be the first indication, while we need a break above 92.51 to confirm the next part of the rally higher towards 98.70 and longer term a rally close to 114.00 should be in the cards.
A break below 90.50 will delay the upside, but we should not see a break below 89.98 as that re-open the downside for a decline towards 86.06.
Therefore buying USD ag. CHF here with a 89.90 stop should offer a very nice risk/reward opportunity.
USD/JPY - My favorite count still favors that wave 4 ended at 80.31 and that wave up has begun. If my count is right we have seen minor wave i end at 81.77 and minor wave ii should be at or very near to it's termination. A break above 80.92 will be the first indication that minor wave ii is done, while a break above 81.14 confirms that wave iii up towards 82.96 have begun.
GBP/USD - As expected the resistance at 161.65 has been broken slightly. As long as 160.70 protects the short term downside I do expect the overshooting to be slightly larger, but I do think we are very close to the top of the big triangles wave E.
As we don't have any "safe" stops that can be placed I would recommend waiting for a break below 160.70 before selling GBP.
EUR/JPY - As for USD/JPY I do think, that we saw an important bottom at 104.61 (wave 2) and that wave 3 up towards 118.65 longer term has begun.
From 104.61 we most likely have seen minor wave i to 108.00 and minor wave ii is very close to or at its bottom and minor wave iii towards 109.58 ready to take of.
I will buy EUR ag. JPY near 105.95 with a 104.50 stop or upon a break above 107.46 with a stop just below the low reached before breaking above 107.46.
USD/CAD - The 97.20 - 97.50 target is in sight, but we need the small wiggles to develop properly. My short term count is show above and shows that we are in a minor wave iv (blue) of red wave v of wave iii down. I'm looking for a decline towards 97.70 - 97.90 to end red wave v and wave iii calling for a new correction towards 98.65 - 98.70 area before the last leg down towards the target-area is seen.
Gold - Is within a week or max. two point out the direction for the next major leg. Is it up towards 1,745 in the triangle or is it down towards 1,520 - 1,535 in the big correction from the 1,920 top.
Wait for the break to help us determine which is right.
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