I hope you are right as I hold but the trend is still down,...

I hope you are right as I hold but the trend is still down, todays close was a new weekly closing low in this downtrend, this will take a long time to reverse. Some thought the last auction would produce a bounce, I did and I added to my holding. I reversed that holding and I am tend to agree with Lies&DamLies targets of between 1.8 and 2.20. I think we might spend 6 months in that zone before a change in direction occurs. The CPI in the US might come in as expected and produce a bounce but the medium term will see elevated inflation causing central banks to accelerate there tightening.

I am not downramping PLS as I hold. Just stating it as I see it. I also see that China is continuing lockdowns. That is not going to be good. I see a large number of stock breaking major supports, they may reverse in the short term but this will be temporary if the macro picture deteriorates more.