Daily Market Analysis

The US dollar index continues its downward movement. It tested levels below $93.30. The next support lies at $93.

On the daily chart of USD/JPY, the “Shark” pattern is transforming into 5-0. After a correction to 50% of the wave CD, an advance above May high will open the way up to the pair.

On the daily chart, bulls counterattacked after EUR/JPY reached 161.8% target of AB=CD. They managed to return the pair inside the previous consolidation range of 129.15-132.15.

USD/CHF is forming a “Spike and reversal with acceleration”. Bears managed to keep the pair below the trendline of the initial stage.

Narrow bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with a rising lines

Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines

Recommendation: BUY 1…

The inability of bulls to overcome resistance at 23.6% of the wave 4-5 and lead the pair out of the descending trade channel points at their weakness.

Bearish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Tenkan-sen.

Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen with rising Kijun-sen.

On the daily chart of NZD/USD, after the pair reached the 88.6% target of the “Bat” pattern, it rebounded to 23.6%, 38.2% and 50% of the CD wave.

On the daily chart of AUD/USD, after the pair reached 88.6% target of the “Shark” pattern, it rebounded to 23.6%, 38.2% and 50% of the CD wave within its transformation to 5-0.