What’s Up, What’s Down: Greenback Higher
Comments for Tuesday, December 2, 2008
Looking Ahead to Today By Reflecting back at Monday’s price action
CURRENCIES:
Higher for the Swiss Franc, Japanese Yen, Canadian Dollar and dollar index while lower for the Aussie Dollar, Euro Fx, Swiss and British Pound. The euro closed lower again but near its session’s high back in a sideways consolidation patter but my buy signal is still in place. The franc still looks lower even after settling higher. The yen closed sharply higher making a new contract high close though not near its contract highs yet. It did however break out of a bull pennant to the upside and is in a strong up channel at this time. The Canadian Dollar also closed higher but its potential bottoming formation is fading. The pound settled lower looking to test its lows at this time. The Aussie Dollar settled lower still in a downtrend. The dollar index closed higher again still possibly setting up for a potential sell signal but could just as easily test its highs. This is a bull market overall however. I remain bullish on the Euro and the Pound and have Buy Signals for these two currencies.
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.