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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

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