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US Dollar Likely Set Important Bottom versus Euro, Canadian Dollar

US Dollar Likely Set Important Bottom versus Euro, Canadian Dollar

2011-05-12 14:38:00
David Rodriguez, Head of Business Development
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View individual currency SSI charts in our FX Sentiment sections

ssi_table_story_body_Picture_5.png, US Dollar Likely Set Important Bottom versus Euro, Canadian Dollar

Substantial shifts in trading crowd sentiment warn that the US Dollar may have set an important bottom against the Euro, Canadian Dollar, and British Pound through very recent trade.

Retail trading crowds remained net-long the USD versus the Euro since early January and against the Canadian Dollar since September, 2010. The fact that crowds have recently turned net-short the US currency against these counterparts underlines the potentially pivotal shift in sentiment and warns that the US Dollar could continue higher through the near term.

We likewise see strong evidence of a potential US Dollar bottom via FX options and futures positioning/sentiment. It is always extraordinarily difficult to time a top or a bottom following an extended trend in any currency, but recent evidence suggests that the Greenback may have set an important short or medium-term bottom against major counterparts.

View an FXCM Expo presentation on the Speculative Sentiment Index for better understanding on how we use it in our trading.

ssi_table_story_body_Picture_6.png, US Dollar Likely Set Important Bottom versus Euro, Canadian Dollar

To get on the mailing list for the SSI and other reports from author David Rodriguez, e-mail subject line “Distribution list” to

drodriguez@dailyfx.com

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

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