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Dollar could be reaching the Rubicon

Pierre Charlebois from Trading Metro at 11/23/09


Looking at the Dollar Index, there is evidence that the long term trend is breaking down as the price action is now on the opposite side of the line. There is always a chance the price action could trail down further using the line as support, however this usually signals a limited move.

USD Index - There is now a trend-line that could act as resistance. A move above 77.00 would bolster the bullish case.

EUR/USD - Could be breaking - This week will be interesting

GBP/USD - My view here is I expect some downside but I wonder if it will be limited

USD/JPY - Will this pair ever bottom? There is a current support. Will it hold?

USD/CHF - Looks a lot like the Index or the EUR/USD upside down

AUD/USD - Broke trend line but did not close below it. Let's see what happens following the retrace

NZD/USD - This pair has broken through it's long term trend-line. A break below .7080 could bring acceleration

USD/CAD - Seems to be working higher. The 1.09 area is the next resistance point

EUR/JPY - Until the long term range is broken not much can be observed here

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