Jason Alan Jankovsky Morning Dollar Briefing Nov 30th
It was a wild ride for the USD during the extended US Thanksgiving holiday as the majors whipsawed from new 2009 highs seen late in the day Wednesday and Thursday after most trading desks were closed; the Greenback rallying several hundred points in some cases to then end Friday better but lower on the week. To start overnight Monday the USD is slightly lower but more volatility is likely after the big ranges seen during the holiday. Helping to lower risk appetite was the unexpected flight-to-quality demand for USD in response to the potential default by Dubai on a large amount of debt. Although the crisis has mitigated over the weekend traders are still nervous as to the final results of the delayed coupon payments requested; should more develop that is seen as negative for the Emirate the USD could recover a bit more although traders remain convinced that any rally will be temporary.
Equities are lower to start the week and commodities appear to have topped after last week’s moves suggesting the USD may have a bit of a relief rally brewing in the works.
GBP high prints at 1.6595 were offered by large names traders say and the rate has fallen to a low print in early New York at 1.6453; stops in size said to be resting under 1.6450 and 1.6420 area of recent pivot action.
Traders note that the rate was trying to track EURO strength but when EURO capped under the 2009 highs overnight Cable was easily sold. EURO high prints at 1.5085 found ready sellers with low prints at 1.4963 early in the Asian session finding buyers; traders note large names on both sides suggesting more whipsaw. Euro holding above the 1.5000 handle with conviction sets the stage for a test over the 1.5150 area tech traders say.
Overnight comments from Japanese officials helped with two-way action in the USD/JPY; high prints at 86.86 still under highs seen on Friday with lows at 85.84 making for an inside range day so far today. Jawboning by officials suggest that the Japanese are not happy with current Yen strength and that traders will likely remain cautious for fear of some sort of intervention but most feel that is unlikely as the Japanese haven’t intervened since roughly 2004.
USD/CHF is firming despite USD weakness elsewhere; low prints in Asia at .9992 found dip buyers with highs seen at 1.0078 at previous tech S/R. the rate is holding around 1.0030 area in early New York with large names seen on the bid recently some desks report.
USD/CAD high prints at 1.0621 were right at tech S/R with lows at 1.0533 making the rate firm on the support zone on 1.0520/30 area. Rate is currently holding 1.0570 area in early New York with a firm tone some desks report.
In my view, the recent strength in the Greenback after the whipsaw seen ahead of the weekend underscores the nervous nature of the current shorts. The majors are very long at this point and the bottom of the USD can’t be far off if equities and commodities de-couple from recent one-way action. Although underlying fundamentals are bearish for the USD the heavily oversold nature of the past few weeks needs to be corrected and the FTQ action certainly suggests that sellers need to be cautious; if sentiment has been affected then much more orderly flows should be seen. Look for the USD to stabilize this week and remain firm on dips.
Jason Alan Jankovsky
FOREX Analyst and Trader
Toll Free in the US: 1-866-435-9959
Skype: TheLionOnline
Yahoo chat: TheLion_Chicago
Join me for my daily FOREX newsletters and LIVE FOREX briefings; click here for details
Check out my latest book: The Art of the Trade
Currently an Amazon top 100 bestseller under Business and Futures.
Also available my first book: Trading Rules that Work
Currently an Amazon.com top 100 bestseller under Finance/Futures
Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
News on Dubai - Will it affect your trading?
The BBC’s reporting of the crisis in Dubai and its world wide implications is far superior to that of the US media outlets. More evidence that our US audience is somewhat sheltered towards its attitude of global news and how it affects everyday life.
The currency markets experienced incredible volatility on Friday as a result of the news so we’ve found it worthwhile to share some of the news coming from the more reliable sources.
This BBC article is one such example.
“The glittering city in the desert has gone from the pinnacle of the world economic boom to the brink of bankruptcy. Christopher Davidson of Durham University explains some of the background.”"
Click here for rest of the article
Morning Currency News Nov 27th
Stock markets across the globe suffered fresh falls on Friday as global investors scrambled to understand the implications of Dubai World’s restructuring and unexpected debt standstill.
This volatility makes me wonder what automated systems that trade currency must be costing their owners this morning. Without great risk management, stops, take profit points, and some manual trading, we feel this environment would be one that automated or bot system traders would want to stay out of.
For the rest of the article from FT, click here.
Jason Alan Jankovsky Morning Dollar Briefing Nov 25th
The USD is getting crushed this morning after equities, gold and other commodities firmed in overnight action drawing more risk appetite at the expense of the Greenback; stops at new lows started the break lower and system accounts were noted piling into the short side. Traders were bracing for a slew of US data this morning with most expecting more signs of a US recovery but with the USD dropping to fresh lows against most pairs the focus on the data is likely taking a back seat with traders attention on price action at the lows. Several major pairs traded to fresh 2009 lows breaking key support with attention ahead of a four day weekend; sentiment is likely to be severely bearish into the weekend if the USD can’t rally back to make a reasonable close.
GBP rallied along with EURO for a high print at 1.6748, lows overnight at 1.6574 with mostly one-way action noted as buyers stepped up as the rate crossed 1.6660/80 area. Traders note that the rate clearing 1.6700 handle drew technical selling and the rate is back under 1.6690 in early New York. EURO rallied to post a new 2009 high at 1.5096 before option defense of the 1.5100 handle capped the move. Stops over the 1.5050/60 area of previous highs were in size with volumes good on the move suggesting the rate may attempt further gains but offers were said to be in size above the 1.5050 area. If the rate can close over the previous highs a technical breakout may be in play; a close under 1.5050 area argues for an exhaustion top.
USD/JPY fell through stops at 88.20/30 area and initially was supported by semi-official buying as were most pairs on the first push lower for the USD; more stops under 88.00 resulted in a quick move to low prints at 87.54 before rebounding modestly to the 87.80 area. Traders note system and momentum accounts on the sell side with sovereign bids supporting.
USD/CHF cleared support under the 1.0050 area moving quickly to challenge 1.0020 for support but found more selling on a lift to 1.0040 area dropping to a low print at .9993 before regaining the 1.0010/20 area. Traders note the last push lower was in sympathy with a sharp fall in USD/CAD which was holding support prior to the final push lower.
USD/CAD dropped on active selling into stops under the 1.0520/30 area; low prints at 1.0450 held the previous lows but technically the rate has broken down through key support near-term at 1.0500 area. Traders note that wire reports that the Russian Central Bank is looking to diversify FX reserves into the Loonie was counted as providing the main selling on the dip.
In my view, the break under the 94.75 area in the USDX is the key technical driver today. With a lot of damage done to the technical picture as well as continued coordinated action between the USD and equities/commodities it is likely that the USD has suffered a major blow today. If US data has any input today and that is seen as bearish for the USD it is likely that the Greenback has broken out to the downside; the expected short-covering correction will have to wait. If US data is seen as an positive for the USD a short-squeeze could result but expect that rally to be sold as traders will be absolutely convinced of further losses at this point. With a four day weekend approaching volatility could be high.
Jason Alan Jankovsky
FOREX Analyst and Trader
Toll Free in the US: 1-866-435-9959
Skype: TheLionOnline
Yahoo chat: TheLion_Chicago
Join me for my daily FOREX newsletters and LIVE FOREX briefings; click here for details
Check out my latest book: The Art of the Trade
Currently an Amazon top 100 bestseller under Business and Futures.
Also available my first book: Trading Rules that Work
Currently an Amazon.com top 100 bestseller under Finance/Futures
Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Alternative Latin Investor Reports
Challenges for Successful Private Equity Investments in Brazil
By Zack Henry & Eric Saucedo
Someone forgot to tell Brazil that we’re in the middle of the worst global recession in history.
Brazil is quickly becoming a political and economic leader in Latin America and the world. As with the rest of the global economy, Brazil entered into a recessionary period in 2009, but economic data that have been emerging from the Instituto Brasileiro de Geografia e Estatística (“IBGE”) increasingly point to a stabilization in the economy, further suggesting that the country has perhaps been less impacted than other markets in this global recession. After the 4.4% quarter-on-quarter decline in 4Q08 and a subsequent 3.5% decline in 1Q09, the country’s GDP reached US$417.8 billion at 2Q09, up 5.2% from the prior quarter, and projected GDP growth for the second half of 2009 is running at about 4.0% or even higher (see Figure 1).
Many economists point to Brazil’s changing trade patterns as an important shield from the global recession as this year, for the first time, China overtook the United States to become Brazil’s single biggest trading partner. In addition, as copper and oil prices have remained relatively strong, Brazil’s commodity-based economy continues to demonstrate strong expansionary growth, and consumer spending, up 2.1% in 2Q09, represented the 23rd consecutive quarter of growth. Any PhD in economics can tell you, in technical terms, that this is ginormous.
Register for free to read full article
Jason Alan Jankovsky Morning Dollar Briefing Nov 24th
The USD is mixed this morning holding slight gains in some pairs, flat to lower in others after risk appetite took a break starting in Asia overnight. Equities and commodities were lower helping to boost USD sentiment and the USDX traded to overnight highs at 75.45 before drifting lower as technical sellers emerged. Into early New York the Greenback is on the worst levels of the day ahead of a busy morning of US data.
Overnight news included a better than expected German IFO report and comments from BOE King offering no new data for the BOE exit strategy; traders note that volumes still were on the thin side except for around the news and subsequent short-squeeze in the majors in late Europe.
Cable dropped to a low print at 1.6495 before recovering; the rate had highs in Asia at 1.6621 and the rate is holding 1.6570 area in early New York after shorts covered back after King’s comments. Traders note large names on the bid suggesting the rate was short into Tuesday.
EURO dropped through stops as risk appetite waned in Asia falling through the 1.4920 area triggering stops again under 1.4900 for a low print at 1.4887 before large bids were seen. Traders note ACB interest under the 1.4900 handle and the rate began a steady climb back to the Asian highs at 1.4972 encouraged by the better IFO report. Shorts covered back as the rate found stops above 1.4970 into New York for a high print at 1.4986 so far this morning and traders expect heavy offers into the 1.5000 area should we get there today.
USD/JPY fell to a low print at 88.54 again challenging bids in the 88.50 area; traders expect stops and bids to be mixed under 88.50 layered to 88.20 or so. High prints at 89.07 again found the upside slow-going and the rate is holding in the 88.60 area to start New York. Sovereign demand was seen into the lows some desks report.
USD/CHF rallied as the USD firmed in Asia for a high print at 1.0155 again finding upside capped between 1.0160/80 area; low prints at 1.0081 in early New York as the rate gives back gains seen overnight.
USD/CAD rallied to a high print at 1.0646 before tracking the other pairs lower; traders note stops in place on a break of the 1.0660 area but so far those are out of range. Low prints at 1.0551 overnight are unchallenged in early trade with the rate holding 1.0580 ahead of US data.
In my view, the USD giving back early gains is indicative of thinner conditions and pre-holiday trade; upside was capped at expected tech resistance levels and the lows will likely hold as well as the Greenback continues to sketch in a wider trading range at these near-term lows. Look for more two-way action today and more potential short covering as short-term traders get ready to cover ahead of Wednesday’s shorter day. I think US data this morning is likely to be mixed with a full slate tomorrow expected to show flatter growth. USD likely to remain firm after all is said and done today.
Jason Alan Jankovsky
FOREX Analyst and Trader
Toll Free in the US: 1-866-435-9959
Skype: TheLionOnline
Yahoo chat: TheLion_Chicago
Join me for my daily FOREX newsletters and LIVE FOREX briefings; click here for details
Check out my latest book: The Art of the Trade
Currently an Amazon top 100 bestseller under Business and Futures.
Also available my first book: Trading Rules that Work
Currently an Amazon.com top 100 bestseller under Finance/Futures
Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Dollar Briefing Nov 23rd
The USD is lower this morning testing the bottom of recent S/R ranges seen last week as range trade continues ahead of US data due this morning. Overnight news was light again due to the Japanese minor holiday (Tokyo was closed) but traders continued to take on risk as equities are firmer and Gold yet again trades to a new record high.
Traders note that the gold strength is due largely to the weaker USD this morning and important technical levels have been reached suggesting a possible pullback in the metal is due. USDX is holding the 75.00 handle in thin trade and most major pairs have stabilized near their highs to start New York.
Cross-spreaders were active in Yen pairs despite the holiday in Asia and GBP pairs also were in demand as Cable bounced off the lows seen Friday afternoon.
GBP low prints at the start of Asia at 1.6471 failed to extend Friday’s lows and the rate began a steady climb finding light stops above the 1.0580 and 1.6600 areas for a high print in late Europe at 1.6631. Traders note thinner conditions helping to exacerbate trade suggesting the rate may be a bit overextended to the upside to start New York.
EURO drifted higher as well trading up from a low print at 1.4831 to find stops above 1.4900 and 1.4920 lifting the rate to a high print at 1.4991 before dropping back slightly; traders note steady offers from large names on the rise with a lot of sell interest over the 1.4970 area suggesting the 1.5000 area will again provide a tough upside number to crack. Stops are noted above 1.5010/20 area with offers ahead suggesting any rally will be capped.
USD/JPY dropped to a low print at 88.56 before finding bids as expected under the 88.60 area; traders note stops under the 88.50 area with more bids on the approach to the 2009 lows in the 88.10/20 area; upside is capped at the 89.20/30 area near-term traders say with large stops above 89.50 area. High prints at 89.04 keeping the rate range bound despite the quick rally off the lows in Asia.
USD/CHF has dropped back to the low end of the range with low prints at 1.0078 but is holding steady around the 1.0100 handle after the break; stops noted in the 1.0120 area with a bounce back to that area likely to find stops the other way as late sellers are likely active expecting a new 2009 low. High prints at 1.0201 in Asia after light follow-on buying from Friday’s better close; traders continue to expect a close on the 1.0200 handle to keep the bears on the defense with stops above 1.0220/30 again from recent shorts.
USD/CAD dropped to tech support at the 1.0580 area with a low print at 1.0557 before bouncing; high prints at 1.0714 suggested a further rally to start the week but the rate is following USD weakness across the board into New York. Traders note that in all pairs the USD weakness appears to be exaggerated a bit due to thin conditions with a close above the 75.20 area in the USDX to keep the two-way action in play with a corrective undertone likely with a move back over 76.00 during the week.
Despite a holiday week for the markets this week US data is thicker with key reports due out Tuesday and Wednesday. Look for the Greenback to remain two-way and firmer as US data likely to show weaker economic recovery potential.
Jason Alan Jankovsky, FOREX Analyst and Trader
Toll Free in the US: 1-866-435-9959
Skype: TheLionOnline
Yahoo chat: TheLion_Chicago
Join me for my daily FOREX newsletters and LIVE FOREX briefings; click here for details
Check out my latest book: The Art of the Trade
Currently an Amazon top 100 bestseller under Business and Futures.
Also available my first book: Trading Rules that Work
Currently an Amazon.com top 100 bestseller under Finance/Futures
Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Dollar Briefing Nov 20th
The USD is higher at the best levels of the day so far to start New York after a quiet two-way overnight session that saw mostly technical trade. Most pairs failed to extend to the upside in early action with traders noting large names on both sides during Asian action; the Greenback began a steady climb in European trade to extend to the upside making new weekly highs in some pairs and challenging technical breakout areas suggesting the recovery might have legs this time. Softer equities prices were certainly a help to the USD with bourses around the world mostly lower overnight. Commodities are weaker also suggesting the trade is well correlated for the USD this morning.
GBP is under pressure to start New York trading to a low print at 1.6458 after official names and sovereign buying failed to provide support as the rate passed through the 1.6600 handle; traders note that bids were active at tech support levels but stops were larger and the rate went one way after taking out the 1.6580 area. High prints at 1.6678 in Asia failed to find stops said to be waiting above the 1.6680 area.
EURO followed GBP lower but has yet to break key S/R levels for a new weekly low; low prints at 1.4810 found bids in defense of a large option expiry said to roll off today. High prints at 1.4936 in early Asia were tested twice overnight suggesting the buyers are willing on dips but they just don’t have the firepower to lift the rate back to the 1.5000 area suggesting the highs for the year are in. Traders note official bids at 1.4840/50 area from Asian names but not enough to stem the decline. Large stops are said to be waiting under the 1.4800 handle.
USD/JPY tested the monthly lows dropping to a low print at 88.67 in Tokyo but lifted back to the 89.00 handle quickly; high prints at 89.07 are still under the tech level of 89.50 suggesting the rate will remain range-bound on the day. Traders note that the BOJ rate decision and statement had little effect on the pair with most traders closely watching equities and the GBP/JPY cross overnight.
USD/CHF low prints at 1.0121 were right on support before the rate lifted back to challenge the highs; offers ahead of 1.0200/20 area capping the move in early New York with a high print at 1.0318 before stalling. Traders note that stops in size are likely above the 1.0220 area.
USD/CAD was the big mover overnight finding stops in size over the 1.0660/80 area and more at 1.0700 for a high print at 1.0735; low prints at 1.0613 held key support and likely encouraged a round of short-covering. Traders look for a close above the 1.0660 area to be bullish near-term and the rate appears to have that close ready today. In my view, the USD is finally beginning the correction we have been waiting for; this particular rally at this particular time of year suggests that the shorts are booking gains and the late sellers are also clearing out. Offers will likely be waiting on further USD strength but look for pullbacks to be bought as the USD corrects.
Jason Alan Jankovsky, FOREX Analyst and Trader
Toll Free in the US: 1-866-435-9959
Skype: TheLionOnline
Yahoo chat: TheLion_Chicago
Join me for my daily FOREX newsletters and LIVE FOREX briefings; click here for details
Check out my latest book: The Art of the Trade
Currently an Amazon top 100 bestseller under Business and Futures.
Also available my first book: Trading Rules that Work
Currently an Amazon.com top 100 bestseller under Finance/Futures
Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Dollar Briefing Nov 19th
The USD is higher this morning as risk-appetite takes a break from recent bullish sentiment; equities, gold and oil are all lower overnight as the Greenback holds near overnight highs to start New York. Overnight Asia was light on news with traders noting that yen crosses were most of the action as late developments in the Obama Asia visit continues to lack focus on FX concerns. Although comments released continue to speak of a strong USD policy by the US it was more short-covering off the range lows that lifted the Greenback as other markets softened.
Overnight UK retail sales came in better than expected but it wasn’t enough to lift the GBP higher after breaking support at the 1.6700 handle early in Asia; high prints at 1.6750 were on the open and the rate never looked back. Low prints in early New York at 1.l6614 so far with traders noting solid bids around current levels suggesting a bit of whipsaw is likely.
EURO fell back to the bottom of the recent trading range with highs at 1.4967 in early Asia giving way to offers as the rate slid under 1.4900 again; stops were seen on a break of 1.4880 and lows I late Europe at 1.4842 area within shouting distance to the recent support area between 1.4810/20 where bids are likely. Traders note that a break of 1.4800 area likely to cause a lot of long-liquidation and we may get that around this morning’s US data.
USD/JPY retreated back to the buy zone between 88.80 and 89.00 with a low print at 88.81 holding off the recent support area; traders note pressure from EURO/JPY selling pushing USD/JPY lower but shorts are likely to cover as the rate has held firm at this level on every attempt so far. Aggressive traders can look to BUY USD/JPY under the 89.00 area looking for a medium recovery into the end of the week.
USD/CHF has traded to the recent resistance area and a pullback from 1.0200 is likely again but traders warn of larger stops in the 1.0220 area and above waiting close by; high prints in early New York at 1.0198 with lows in Asia at 1.0093 before a steady grind higher was seen.
USD/CAD has lifted above the 1.0600 handle for a high print at 1.0638 tripping stops over the 1.0580 and 1.0600 area before stalling under 1.0650; traders note that the rate needs a firm close on the 1.0600 area to continue upward momentum. Low prints at 1.0543 was seen as a test of support broken on Wednesday.
In my view, the USD is now pressing to the top of the recent trading range and a bit of selling can be expected as the USD range trades. I would look for dips to be bought near-term but also for the late sellers to be active into the highs. For the Greenback to breakout to the upside I think a correction in equities and commodities would be needed; although the technicians have a lot to work with on a solid weekly close above the 76.00 handle in the USDZ. Look for some volatility around today’s US data but for the USD to remain firm at the end of the day as a test of the upside holds.
Jason Alan Jankovsky, FOREX Analyst and Trader
Toll Free in the US: 1-866-435-9959
Skype: TheLionOnline
Yahoo chat: TheLion_Chicago
Join me for my daily FOREX newsletters and LIVE FOREX briefings; click here for details
Check out my latest book: The Art of the Trade
Currently an Amazon top 100 bestseller under Business and Futures.
Also available my first book: Trading Rules that Work
Currently an Amazon.com top 100 bestseller under Finance/Futures
Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Dollar Briefing Nov 18th
The USD weakened in overnight trade dropping back to recent S/R levels in quiet two-way action; traders report that overnight news was positive for GBP and most interest in other pairs was due to another record high print in Gold prices. Gold has made highs 11 out of the past 12 days and a correction is overdue but sentiment is still unprecedented bullish adding weight to the Greenback.
The BOE minutes released overnight showed a 7-1-1 split on the vote which typically is bearish; Cable lifting to a high print at 1.6849 on stops and pre-release enthusiasm but the rate has slipped back to open New York closer to the 1.6800 area after dipping to the lower end of the range on the news; low prints at 1.6768 still make for a net higher day after recovering from Tuesday’s sell-off. Traders look for stops in the 1.6880 area with topside resistance still likely at the 1.6900 handle; downside risks to 1.6720/30 with stops below.
EURO tracked Cable higher clearing stops above 1.4920/30 and 1.4950 to top at 1.4974 before falling back; trader report ACB interest on the bid near the 1.4900 handle overnight with offers from big names and sovereigns near the highs suggesting the rate has a harder job of advancing to the 1.5000 handle cut out for it this morning. Offers are said to be thick above the 1.5000 handle making for a potential range into the end of the week.
USD/JPY was very quiet with selling seen in the crosses; high prints at 89.38 held below yesterday’s highs with lows at 89.00 even. Buyers are expected again in the 88.80 area with further support seen at 88.50; stops likely below.
USD/CHF dropped again back into the intervention zone with a low print at 1.0088 before regaining the 1.0100 handle. Yesterday’s solid sell wick likely encouraged tech traders but profit-taking bids ahead of the 1.0150/60 area likely will continue to support on dips. Analysts still see a close above the 1.0200 handle as necessary to relieve some bearish sentiment.
USD/CAD dropped back under the 1.0500 handle as the USD was pressured falling to a low print at 1.0450; high prints at 1.0540 make for a test of the recent consolidation range in both directions. Traders look for a solid close on the 1.060 handle to relieve some bearish sentiment but warn that a dip under the 1.0420/30 area likely to attract more selling with deeper support at 1.0380 area.
In my view, the USD weakness after the short-squeeze yesterday confirms that the bears are not letting go of the short side in size at this point. With sentiment severely crowded on the sell side it is likely that rallies will continue to be sold and the dips likely to attract profit-taking from the late shorts effectively sketching in a trading range. Although the bulls need a change in sentiment to really get control of the Greenback I think that the shorts will have to grudgingly accept that the downside is limited without more fundamental help as all the bad news for the USD is already in the market. From here forward the news is likely to point to worries of the US Fed raising rates and once that is solidly in the forefront the Greenback will rise. Look for the USD to remain two-way today and dips to be bought.
Jason Alan Jankovsky, FOREX Analyst and Trader
Toll Free in the US: 1-866-435-9959
Skype: TheLionOnline
Yahoo chat: TheLion_Chicago
Join me for my daily FOREX newsletters and LIVE FOREX briefings; click here for details
Check out my latest book: The Art of the Trade
Currently an Amazon top 100 bestseller under Business and Futures.
Also available my first book: Trading Rules that Work
Currently an Amazon.com top 100 bestseller under Finance/Futures
Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
