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Daily Forex Analysis: USDINX falls toward yearly lows PDF Print E-mail
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The index seems to be willing itself toward a test of the yearly low around 74.18. After last night’s brief rise, the index has plenty of room to test those limits. Equities are on the rise as is everything that points to USD weakness. How long the USDINX can hold above the lows created last week is the only question. Unless NFP comes out on Friday with much worse than expected numbers, the free fall could continue through the rest of December.

Analysis of the GBPCHF from yesterday pointed toward the possible short term strength in the pair. Overnight we did see that strength. In fact, the pair is having a go at the 1.6600 level as I write this. Looking at daily analysis of the pair would suggest that this may be the end of the move higher. However, 1.6700 and 1.6790 are possible targets as well. The CHF would only be a contender here if there is more concern about worldwide recovery.

I see one problem in the works right now though. I also think it may be a US problem only too. If people start to see US equities as overbought and let them slide a bit, the USD may catch a little bit of wind. It may play out that US equities slide as others gain, leaving behind those firms that rely largely on US customers. This is a long term play though, and should’t be seen until later in 2010.

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Somya Gabriel  - Forex Online   |32
The US Dollar gingerly retreated from recent gains, after comments from the
United Arab Emirates soothed loan default concerns, taking away for now, the
flow of safe-haven funds.

The UAE’s Central Bank said on Monday that it
would back the banks in Dubai after Dubai World, a private equity company, said
it would need until the middle of 2010 to restart payments on its 59 Billion
Dollars in debt accrued during the vast and elaborate expansion of Dubai’s
infrastructure.
Quote
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