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Weekly Forex Outlook

Written by Derek Frey on December 14, 2009 – 10:41 am -

We have seen the Dollar strengthen now for a few weeks. We are seeing the “Dollar Carry Trade” continue to unwind. We expect to see a rather wild retest of the Dollar lows going into year end. We are seeing many markets in the higher time frames forming some kind of “coil” formations which usually precede larger moves. So be ready for a wild close of the year.

EUR/USD:

I still like buying major dips here at the current time. Near term I am looking for support near the 1.45 handle to hold.

GBP/USD:

The cable should hold supports near the 1.61 level early this week and here too I am a buyer of dips.

USD/CHF:

I am a happy seller in the mid 1.03’s near term still looking for a move back towards 1.01.

USD/JPY:

This pair has now stabilized after the last few weeks of “festivities” but once again I have to sound the warning. We are again seeing increasing signs that we will see another larger move in this pair in the foreseeable future. So keep you eyes open this week.

AUD/USD:

I still favor selling strength here but would urge patience this week as we could see a squeeze here. But major rallies should present some reasonable sell opportunities.

USD/CAD:

This pair appears to be leading the way still but is showing signs of near term Dollar exhaustion so look for this pair to fall back below 1.06 this week.

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2 Comments to “Weekly Forex Outlook”

  1. admin Says:
    January 4th, 2010 at 3:44 pm

    https://forextradersdaily.com/forextrader/dfs.htm

  2. admin Says:
    January 4th, 2010 at 3:48 pm

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