Yen remains the strongest one today, followed by Swiss Franc as risk aversion dominate. Euro is suffering the worst selling as the eye of the storm lies in Italy. Australian and New Zealand Dollar follow as the weakest.
DOW’s selloff accelerates notably today and it’s now down more than -1.6% at the time of writing. The development suggests that choppy recovery from 23344.52 could have completed at 25086.49. That’s somehow a disappointment as it cannot even tough 25800.35 resistance. But after all, our view is unchanged. That is price actions fro 26616.71 is a corrective pattern that’s still unfolding. It should at least have a take on 38.2% retracement of 15450.56 to 26616.71 at 22341.24 before completion. Now, 23344.52 support is the target for near term.
