Risk and USD off: USD/JPY leading the way but USD/CHF now joining in
My cheap intraday USD/CHF trade got neutralised overnight and both it and USD/JPY continue to look very soft indeed. I’m still thinking that we will see 93.50 minimum in USD/JPY as big positions unwind across multiple markets and cause a general state of risk aversion. EUR/USD and cable are edging slowly higher but both are dependent on moves in the crosses.
Focus will be back on the AUD today and another big level to watch will be 90.00 in AUD/JPY. Looks like we might have another busy one!