We continue to favor a move up on the EUR to near the 1.2100 level. Once the run up is complete, it should turn down. The EUR ended the week at 1.2011.

The GBP also should trade up to the 1.7800 level or slightly above. The GBP ended the week at 1.7720.

The CHF ended the week at 1.2898. We hope to get a good count on this for tomorrow.

We are having a debate interally here if we are currently in a correction (ie moving up) or have finished the correction and are moving down on the USD/JPY. If we rise above 115.70 before going much lower we think we are correcting immediately to the 117-119 level. Otherwise, we are running down to the 114 or a bit lower levelbefore entering into the correction up.

The CAD has been correcting upwards and currently trades at 1.1591. We expect this correction to continue a bit further.

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