What’s Up, What’s Down: Spotlight on Currencies
Comments for July 26, 2011
Looking ahead to Tuesday by reflecting back on Monday’s trading
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors
SPOTLIGHT ON FOREX: WATCH THE SWISS FRANC
CURRENCIES: 7/26/11 Higher closes yesterday for the Japanese Yen, Euro Fx, Swiss Franc and Canadian Dollar while unchanged for the Aussie Dollar while lower for the British Pound and dollar index. I still remain on the sidelines for the euro and, while it has been making lower highs since early June, its now closing in on a possible buy signal. The franc made a new CONTRACT HIGH AND CLOSE continuing to act the strongest of the currencies. Meanwhile, the yen made another new CONTRACT HIGH CLOSE and highest high since March 17th. The Canadian Dollar also settled higher continuing to look strong like the rest of the currencies. The pound settled slightly lower and also is in a resistance area but looks strong overall. The Aussie Dollar settled unchanged but remains one of the strongest currencies at this time. The dollar followed through lower again from last Thursday’s sharply lower close and while it’ss now at the lower end of its trading range that dates back to the beginning of April, it seems poised to breakout of this range relatively soon. Until and if that happens I will continue to remain on the sidelines. BUY SIGNALS FOR THE SWISS FRANC AND JAPANESE YEN ALONG WITH THE CANADIAN AND AUSSIE DOLLAR. SELL SIGNAL FOR THE BRITISH POUND. CALL FOR DETAILS!
“A good plan is like a roadmap; it shows the final destination and usually the best way to get there” (H. Stanley Judd). Traders need a trading plan too. Download my TRADING PLAN TEMPLATE by clicking this link or copying and pasting it into your browser:
https://www.zaner.com/3.0/ljstradingplantemplate.asp
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. Email Rick at ralexander@zaner.com or call toll-free (888) 281-4158.
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors. The information in this Report and the opinions expressed are subject to change without notice. All known news and events have already been factored into the price of the underlying commodities discussed.