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The Currency Futures Report

The September US Dollar broke below key 7750 support this week

Fri, Sep 11 2009, 08:16 GMT
by Bob Kozak

Alaron  |  View company's profile


Currency Trends

This report will focus on a review of the recent trends in the currency markets from a technical perspective in order to determine potential trading opportunities for the week ahead.


New Recommedations

Open Positions

Short September Dollar Index filled 9/08 at 7734.
Lower stop from 7809 to 7729 to lock in $50 gain. Hold with an initial objective of 7510.


US Dollar

SF

The September US Dollar broke below key 7750 support this week, the lowest level since September 2008. A weekly close below 7750 could trigger a selloff to the 7500 level over the near term. Nearby resistance based on the 50% retracement level and the moving average channel comes in at approximately 8000, with the next resistance level at the 200 day moving average of approximately 8200.

Euro

The September Euro is testing the 61.8% retracement of its July – October 2008 sell-off as of this writing. A significant close above 1.4700 basis the September contract is necessary to indicate a continuation of the current uptrend. Current Fibonacci support levels come in at 1.4157 and 1.3724. No new recommendation at this time.


Yen

From it’s 2008 low of 9013 to it’s 2009 high of 11496, the Japanese Yen retraced almost exactly to it’s 61.8% Fibonacci level on April 6th and appears poised to continue in it’s uptrend. Key resistance is the July highs of just over 10905. A significant close above that level may trigger a test of the 11200 level.
Considering recommending a bullish option strategy on the next pullback to trendline support and moving average support levels of 1.0461-1.0547.


British Pound

The September British Pound has retraced just over 38.2% of its late 2007-early 2009 sell-off, and appears poised to potentially test the next Fibonacci resistance level of 173.37 and possibly 18234 over the coming weeks. Tests of these resistance levels may prove to be good opportunities to establish short positions using limited risk option strategies, looking for the longer term downtrend to resume.


Swiss Franc

The September Swiss Franc broke above its 61.8% Fibonacci retracement this week, and is testing Key Resistance of 9662. A significant close above that level is necessary to indicate a continuation of the current uptrend. No new recommendation at this time.

Published on  Fri, Sep 11 2009, 09:38 GMT


Alaron Futures and Options http://www.alaron.com | info@alaron.com

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Legal disclaimer and risk disclosure

Legal disclaimer and risk disclosure: Alaron Futures and Options, Futures Commission Merchant (FCM), specializes in futures, futures options, and cash metals through Alaron for Retail, Introducing Brokers (IB's) and Institutions. Alaron offers broker-assisted, single stock futures, discount, Simulated Trading, managed futures, access to several state-of-the art online trading platforms and systems trading. Trade online 24 hours a day! Direct-to-the market trading of E-Minis, Bonds and Notes, Single Stock Futures, Liffe, Eurex, Simex and more. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Alaron Trading Corp., its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.
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