What’s Up, What’s Down: Dollar Index Slips
Comments for Monday, October 26, 2009
Looking Ahead to Today by Reflecting Back at Friday’s Price Action
CURRENCIES:
Higher closes Friday for the dollar index while lower for the Swiss franc, Euro Fx, British pound, Canadian and Aussie dollar along with the Japanese yen. The euro made a new recent high before settling lower along with the franc which is in a BULL PENNANT. The yen had its lowest close in over a month once again with a great looking topping formation in place. The Canadian dollar closed lower and is now in a bear pennant with major support area under 9400 all the way down to the 9000 area. The pound rallied to its highest high in over a month and then sold off sharply to settle lower in reversal type action. The Aussie dollar also closed lower but still in a strong up-trend overall while the dollar index closed higher.
See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.
The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.