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US Dollar Shows Little Hope of Reversal as Sentiment Extreme

US Dollar Shows Little Hope of Reversal as Sentiment Extreme

2012-01-26 17:33:00
David Rodriguez, Head of Product
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ssi_table_story_body_Picture_5.png, US Dollar Shows Little Hope of Reversal as Sentiment Extreme

Forex trading crowds remain aggressively long the US Dollar (ticker: USDOLLAR) against the Euro, British Pound, Japanese Yen, Swiss Franc, and Canadian Dollar. Such one-sided sentiment gives us contrarian signal that the USD could continue its declines.

Traders turned aggressively net-long the US Dollar against the Euro as the pair broke above the $1.2700 mark. Consistent EURUSD selling has steadily provided us with similarly steady signal that the pair is likely to hit fresh highs.

We will keep a close eye on the Dow Jones FXCM Dollar Index for any signs of potential reversal. Yet the Dollar’s break below important support suggests that we could see fresh Greenback losses before any real chance of reversal.

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 Shows Little Hope of Reversal as Sentiment Extreme

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

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to drodriguez@dailyfx.com

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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