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The Dollar Accelerates Through 78.00

This move has been one that has been setting up for some time: The U.S. Dollar Index’s slide through 78.00. The break through this psychological level confirmed the negativity of the dollar’s place in the world amidst a surging euro and worldwide equities risk appetite. However, the pierce of 78.00 did not attract the selling momentum that would be expected to have accompanied this move lower. The Fed was not able to curb dollar selling with last week’s rate statement and the dollar was left to rely of the bulls who would step in at 78.00 to 77.80 to stay supported.

The EUR/USD which has been climbing since the brief break through 1.3000 on January 10 finally has managed to take all that bullish sentiment and momentum and transition the 34EMA Wave into an uptrend. The G

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Daily Chart Art – February 2, 2011

USD/CHF: 1-hour

Firstly, let’s take a look at USD/CHF. The dollar sold-off like pancakes yesterday caused the pair to pierce through .9400, a major support level. With the presence of a bearish pennant, it looks like it is revving up for another down move! But with Stochastic at oversold territory, this could also be a sign that the bears are tired. Watch closely where price will breakout, as the break will determine whether the pair will go up or down!

AUDUSD: 4-hour

Are the Aussie bulls finally running out of steam?

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British Pound Faces Contradictory 2011

The last few years have been volatile for the British Pound. In 2007, it touched a 26-year high against the US Dollar, before falling to a 24-year low a little more than one year later. During the throes of the credit crisis, analysts predicted that it would drop all the way to parity. Alas, it has since managed to claw back a substantial portion of its losses, and finished 2010 close to where it started.

At the moment, however, there are two contradictory forces tugging at the Pound, which could send up upwards against the Euro but lower against the US Dollar. The first is the sovereign debt crisis in the EU, which flared up dramatically in 2010 and currently threatens to crippled the Euro.

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Daily Forex Analysis – January 27, 2011

USDCAD Analysis. USDCAD continues its sideways movement in a range between 0.9836 and 1.0033. As long as 1.0033 key resistance holds, the price action in the range is treated as consolidation of downtrend, and another fall towards 0.9600 is still possible. However, a break above 1.0033 will indicate that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.0100-1.0200 area.

AUDUSD Analysis. AUDUSD continued its sideways movement and traded in a range between 0.9803 and 1.0076. Lengthier consolidation in the range is still possible in a couple of days. Key support is at 0.9803, a breakdown below this level could trigger another fall to 0.9600 area.

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USD: Weaker Data Confirms that Fed will Trail Behind

Weaker U.S. economic data failed to put a significant dent into the rally of USD/JPY which took off after the surprise downgrade of Japan’s sovereign debt rating by Standard & Poor’s. But the dollar’s weakness against the euro, British pound and New Zealand dollars show that investors were disappointed by this morning’s U.S. Read more text…