Jamie Saettele is expecting larger wave 4 to bring price back close to 119.50.

The yen was the primary beneficiary of risk aversion today, as carry trade continued to be liquidated across the board.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for August 1.

In the context of other technical information, a reversal day can be significant.

The markets are selling off once again as the troubles in the sub-prime sector continue to grow.

Declining against the US dollar in the overnight, the Chinese yuan also fell slightly against the Euro and British pound.

Jamie Saettele is expecting EUR/USD strength for the next day.

Both the euro and the yen bounced within 40-60 point ranges for most of the Asian and early European sessions but found little directional bias ultimately settling near the 1.3700 and 119.00 levels respectively.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for July 31.