Strong close for the US Dollar but the outlook still looks bearish to me
By Tim Hannagan
18 November 2009 @ 09:25 am EDT
CURRENCIES: 11/18/09 Higher closes Tuesday for the US Dollar index while, conversely, lower for the British pound, Canadian and Aussie dollar, Euro fx, Swiss franc and Japanese yen. The euro and franc continue to be in long-term up-trends with the latter looking stronger than the former but both in choppy action at this time. The yen made a new recent higher before selling off to close lower in reversal type action but still should test its higher sooner than later. The Canadian dollar also settled lower still in an uptrend overall with support under 9400 basis the December contract but needing to close over 9600 to help verify a continuation of its move higher. The pound and Aussie dollar also settled lower but are still in strong uptrends. The dollar finally had a strong close but continues to look very bearish overall.