The dollar looks bound for another leg lower now and we might just get a confirmation of that after the US CPI data today. Here’s how the charts are playing out:
- EUR/USD on approach to the April and May highs of 1.1075-95
- USD/JPY breaking back below the 140.00 mark
- GBP/USD venturing near a test of the 1.3000 handle
- USD/CHF falling below 0.8800 with the 2021 low at 0.8757 in focus
- AUD/USD nudging above its 100 and 200-day moving averages above 0.6700
- Gold looking to shake off near-term resistance at $1,935-37
Besides that, yen pairs themselves are also looking for a stronger correction with EUR/JPY down over 400 pips from the highs at the end of last month and GBP/JPY down over 300 pips in that same period.
There’s certainly plenty of action all around as we head towards the main event later today.
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