What’s Up, What’s Down: Uptrend for Euro and Swiss Franc

Comments for Monday, November 30, 2009

Looking Ahead to Today by Reflecting Back at Friday’s Price Action


Higher closes Friday for the Japanese yen and dollar index while lower to sharply lower for the Swiss franc, Euro Fix, British pound, Canadian and Aussie dollar. All of the currencies, like many other commodities, had huge trading ranges. The euro and franc continue to be in long-term up-trends with the franc making a new contract high. The yen made a new contract high and close as shown below. The Canadian dollar settled lower again after its wild day but still in an uptrend overall with support under 9400 basis the December contract and needing to close over 9600 to help verify a continuation of its move higher. The pound also closed lower and now is forming a potentially huge top as also shown below while the Aussie dollar had its lowest low and close in almost a month but still hanging on to its up-trend. The dollar settled higher after the Dubai news but near its lows which was pretty bearish action considering. I am holding Buy Signals for the Euro, franc, Pound, Yen and Canadian dollar; Sell Signal for the U.S. Dollar index.

Japanese Yen Chart

Canadian Dollar Chart

British Pound  Chart

Aussie Dollar Chart

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.