What’s Up, What’s Down: Spotlight on Currencies
Comments for March 3, 2011
Looking ahead to Thursday by reflecting back on Wednesday’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
U.S. Dollar Continues Its Slide
CURRENCIES: 3/3/11: (TODAY I’M SHOWING WEEKLY CHARTS BUT ON FRIDAY I WILL GO BACK TO DAILY CHARTS FOR THE JUNE CONTRACT MONTH. ROLLOVER FROM MARCH TO JUNE TAKES PLACE NEXT WEEK.) Higher closes for the Canadian Dollar Euro Fx, Swiss Franc, Japanese Yen, Euro Fx, Swiss Franc and British Pound while, conversely, lower for the dollar this time. The euro and franc continue to look higher overall with the former making its best high and close since November 19th and the latter a new CONTRACT HIGH AND CLOSE. The yen also closed higher continuing to be in heavy resistance while really just in a wide trading range going back to the middle of last November keeping me on the sidelines for now. The Canadian Dollar settled higher continuing to act the best and least volatile of all the currencies. The pound and Aussie dollar ended up with strong closes while the former made its best high and close since last January. The dollar continued its slide once again making its worst low and close failing to hold the 7700 area basis the March contract which, in my opinion, is very significant. BUY SIGNALS FOR THE EURO FX, SWISS FRANC, BRITISH POUND, CANADIAN DOLLAR AND AUSSIE DOLLAR ALONG WITH THE DOLLAR INDEX.. CALL FOR DETAILS!
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 email@example.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.