Market Commentary March 22nd 2011

Forex Market Commentary — Low volume price action continues to consolidate nearing the end of a wave 5 of a C in what appears to be a wave 4 in most of the JPY pairs and their correlated currency pairs, with the exception of the CHF/JPY which has reached new highs in a new five wave motive sequence. It still remains to be seen if some or all of these JPY pairs will also rech for new highs. Waiting for confirmations is the best policy before commiting to either BUY or SELL positions. The EUR/USD and the GBP/USD continue their general low-volume up-trend, but are pausing in a temporary retracement pattern. Oppositely correlated USD/CHF appears also to be continuing in a sideways ranging pattern before continuing on its general down trend.

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