The market has been very slow for the last few sessions, so we suspect that pairs are trapped in corrective price action that will send USD lower in the near-term, particularly against the EUR, GBP and CHF, while commodity currencies such as AUD and CAD could stay under pressure or maybe sideways while metals, oil and other commodities are weakening.<\/p>\n
Our focus is still on EURUSD where we see a three wave move from the top which we think its corrective wave (iv) that already tested 38.2% retracement area so uptrend could resume soon up in wave v).<\/p>\n
EURUSD 1h<\/p>\n
![\"EURUSD](\"http:\/\/charts.stocktwits.net\/production\/original_16011684.png\")
\nUSDCHF is also slow and sideways in 45 pip range which its personality of a corrective price action. As such, pause around 0.9100 area is most likely just another correction within a downtrend. We believe its wave iv) which will send prices down in wave v) towards 0.9050 in this week. The only question is from where weakness will resume; from current prices or from 0.9160 where it\u2019s a 38.2% retracement area.<\/p>\n
USDCHF 1h<\/p>\n
![\"USDCHF](\"http:\/\/charts.stocktwits.net\/production\/original_16011685.png\")
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