What’s Up, What’s Down: Spotlight on Currencies
Comments for February 7, 2011
Looking ahead to Monday by reflecting back on Friday’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
CANADIAN DOLLAR PUTS IN A NEW CONTRACT HIGH
CURRENCIES: 2/7/11: Higher closes Friday for the Canadian Dollar and dollar index while lower for the British Pound, Aussie Dollar, Japanese Yen, Euro Fx and Swiss Franc. The euro and franc were hurt by the action of the last few days but are still in uptrends overall. The euro had its worst low and close since Jan. 21st and the franc since Jan. 24th. However, the euro has good support under 13400 and the franc around 10400 both nearby. The yen had a huge range before settling with its worst close in six trading sessions now in a strong support area still looking higher overall. The Canadian Dollar made a new CONTRACT HIGH AND CLOSE looking very strong as of this time.The pound and Aussie Dollar settled lower with the former following through from Thursday’s reversal type action and the latter only down slightly. The dollar settled higher for the third session in a row now in some resistance while attempting to from a potential bottom in my opinion. BUY SIGNALS FOR THE EURO, SWISS FRANC, BRITISH POUND, CANADIAN DOLLAR, JAPANESE YEN AND AUSSIE DOLLAR. SELL SIGNAL FOR THE DOLLAR INDEX.
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.