Technical Buy Signals remain for the Yen and Canadian Dollar; but I turn Bearish on the Euro and Swiss
CURRENCIES: 12/10/09 Higher closes yesterday for the Japanese, British pound, Canadian dollar, Euro Fx and Swiss franc while lower for the British pound and US Dollar index. The euro and franc closed higher but still should work lower after giving me sell signals on Monday and making its lowest lows since the first week in November. There is good resistance over 14800 for the euro and 9800 for the franc. The yen continued its upward momentum with its third strong close in a row. Still the yen has been hurt by its action on November 27th. The Canadian dollar continued its choppy sideways pattern since early September closing higher this time while still in a gradual up-trend. The pound making its lowest low and close since the middle of October. The Aussie dollar closed higher seemingly working sideways since October while still in a long-term up-trend overall. The dollar closed lower after making its highest high since November 4th in reversal type action. However, the dollar now acts like it will work higher with the 7700 area, basis the March contract, my first objective.
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