Safe Havens Return Again
Late last week and at the beginning of this week the safe haven currencies found some strong bids as market sentiment deteriorated. We had two sell forex signals on EUR/CHF and USD/JPY which closed in profit as this two pairs dived hard. You should have received notifications for these signals if you are a registered member with us.
In the last two days though the market reversed. Risk currencies recovered some of the losses. EUR/USD moved more than 200 pips higher, while commodity currencies climbed more than 100 pips.
Safe havens on the other hand, gave back some of the gains. EUR/CHF and USD/JPY moved higher yesterday. But safe havens are coming now. USD/JPY moved 60 pips lower in the afternoon today while EUR/CHF lost more than 100 pips. The decline in EUR/CHF was magnified by the reverse in EUR/USD which pulled back off the highs today.
GBP/USD also pulled back lower. This pair moved 70 pips lower, so it seems like risk currencies are pulling back lower while safe havens are advancing again. We will leave the market to cool off overnight and if safe havens are advancing again tomorrow we might get short on these two pairs again.
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