Forex Trade Planning: USD Dominance and Potential CorrectionToday's trade planning session highlighted the USD as the strongest currency on the daily Currency Strength Index (CSI), while the EUR emerged as the weakest.
General CSI Overview:
Buy pairs: USD, CHF, GBP, JPY, AUD
Sell pairs: CAD, NZD, EUR
In our H1 timeframe market analysis, we anticipate a deeper correction in existing trends. The wave structure for major pairs versus the USD has reached momentum high and momentum low 5. From this level, a correction of the trend is expected.
It is important to note that significant effort and time are required for a trend reversal. Nevertheless, there has been a notable decline, breaking key structures in USDJPY, which could indicate a more substantial downturn for the USD and potentially lead to a larger secondary trend.
Trade carefully and happy trading!
