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US Dollar Breakout Could be the Real Deal

US Dollar Breakout Could be the Real Deal

2011-09-01 15:15:00
David Rodriguez, Head of Product
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EURUSDSentiment Warns Euro Breakdown Could be Real

GBPUSDBritish Pound Likely to Fall Further

USDJPYJapanese Yen Rallies Likely to Slow

USDCHFSwiss Franc Forecast Remains Bearish

USDCADCanadian Dollar Outlook Unclear

GBPJPYBritish Pound Forecast to decline vs Japanese Yen

Important shifts in forex crowd sentiment warn that the US Dollar (Ticker: USDOLLAR) could continue its sudden resurgence against the Euro, British Pound, Japanese Yen, and Swiss Franc.

Last week we claimed that sudden moves in FXCM Speculative Sentiment Index ratio warned that the sudden US Dollar rally could be sustained. The Greenback bounce has been anything but a straightforward process, we’ll admit. Yet the sudden USD breakout against the Euro could warn of bigger moves ahead. The only caveat is of course that this could be yet another false break and the Greenback could quickly be sold. Yet elevated forex market volatility expectations suggest this USD Rally could be the start of something larger.

Needless to say, traders should be careful of substantial forex market volatility—especially ahead of the highly-anticipated US Nonfarm Payrolls report due tomorrow at 12:30 GMT.

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

ssi_table_story_body_Picture_5.png, US Dollar Breakout Could be the Real Deal

To receive future SSI reports and other research from author David Rodríguez, send an e-mail with subject line "Distribution List" to drodriguez@dailyfx.com.

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