FX Weekly Report

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USD Index − Has it hit bottom for now?
Sun, Jun 7 2009, 21:55 GMT
by Pierre Charlebois
Trading Metro
Last week I focused solely on the Dollar Index as it was due for a hard and
fast turn. Indeed the flip happened and we saw an unprecedented two day move
towards USD strength, the likes of which we have not seen for several
months.
So... is this now the turn?
As always, I see things as probabilities as no one has a crystal ball. Having
said that; the move is very strong which is a good piece of evidence to
consider. The channel resistance has also been broken so this adds to the
possibility. What I am looking for now is a short term top with a 3 wave
retracement back to fibonacci support and then a renewed action towards USD
strength.
Whatever happens with the USD will translate into all other pairs, as we know
that the USD has become the proxy for all currencies during these still very
uncertain times.

Published on
Sun, Jun 7 2009, 21:59 GMT
Archive
- Dollar could be reaching the Rubicon
Published On Mon, Nov 23 2009, 02:09 GMT
- Which way is the trend now?
Published On Sun, Nov 15 2009, 20:56 GMT
- Dollar trying to break-out. Will this be the week?
Published On Mon, Nov 9 2009, 05:30 GMT
- Daily volatility is increasing in all markets including Forex
Published On Mon, Nov 2 2009, 01:34 GMT
- More USD strength is likely but I still question the overall trend
Published On Mon, Oct 26 2009, 04:44 GMT
[ View All ]
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