Dollar strength still not a given... But
Pierre Charlebois from Trading Metro at 10/19/09
I don't think there is much downside left on the USD but the price action is still not clearly Bullish USD. My view is that although more correction may take place however until we clearly change direction in a big way it is tough to call a Dollar Bottom.
USD Index - May be forming an ending diagonal
EUR/USD - Not a clear candle pattern - Risk is however to the downside - Any new highs should be considered as a sell opportunity
GBP/USD - Correction is due and it could be strong, but there appears to be 5 clear waves up which could mean following the correction a return to the old tops is still a possibility.
USD/JPY -Direction unclear but the last daily candle is suggesting a bearish move on the chart
USD/CHF - Further correction is possible and any new lows should be bought
AUD/USD - Somewhat overbought
NZD/USD - Not sure if top is in place
USD/CAD - The price action up is choppy so it may not be turning just yet
EUR/JPY - Correction due however not quite overbought