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US Dollar Targets Fresh Lows on Forex Crowd Sentiment

US Dollar Targets Fresh Lows on Forex Crowd Sentiment

David Rodriguez, Head of Product
ssi_table_story_body_Picture_5.png, US Dollar Targets Fresh Lows on Forex Crowd Sentiment

Forex trading crowds continue to buy into US Dollar (ticker: USDOLLAR) losses against the Euro, British Pound, Japanese Yen, Swiss Franc, and Canadian Dollar. We continue to call for fresh lows as our own Dow Jones FXCM Dollar Index trades near its lowest since November and remains at risk of further losses.

The pace of USD buying has somewhat slowed, which suggests that the rate of US Dollar declines could likewise moderate. Yet we see little risk of imminent reversal, and consistent crowd sentiment leaves us in favor of further weakness.

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 Targets Fresh Lows on Forex Crowd Sentiment

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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