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US Dollar at Critical Support as Trader Sentiment Calls for Losses

US Dollar at Critical Support as Trader Sentiment Calls for Losses

David Rodriguez, Head of Product

EURUSDEuro Tests Critical Resistance, $1.35 likely?

GBPUSDBritish Pound at Major Turning Point

USDJPYUS Dollar Forecast to Test Lows versus Yen

USDCHFSwiss Franc Outlook Unclear on SNB

USDCADCanadian Dollar Sticks to Tight Trading Range

GBPJPYBritish Pound Likely to Fall Further versus Yen

ssi_table_story_body_Picture_8.png, US Dollar at Critical Support as Trader Sentiment Calls for Losses

The US Dollar (ticker: USDOLLAR) has fallen significantly off of recent peaks, retail trading crowds have bought aggressively into weakness. Our retail forex trader positioning-based Speculative Sentiment Index suggests that the Dollar is likely to test key lows.

Retail trading crowd sentiment shows traders aggressively sold into recent Euro/US Dollar strength, and indeed short-term EURUSD rallies seem likely as the pair breaks key highs. Yet the ultimate test for the US currency may come at critical Dow Jones FXCM Dollar Index support at multi-month lows near the 9893 mark. A break lower would point to further Euro rallies, and indeed we could conceivably see the EURUSD rally towards February highs near $1.3500 on a USDOLLAR breakdown.

Last week we forecast that the US Dollar could continue its recovery. Yet markets clearly had other things in mind, and our retail sentiment-based Speculative Sentiment Index favors further short-term USD weakness. Will it produce a lasting USDOLLAR breakdown? The next forex market moves may prove pivotal for recently-volatile USD currency pairs.

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_7.png, US Dollar at Critical Support as Trader Sentiment Calls for Losses

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

--- Written by David Rodriguez, Quantitative Strategist for

To receive the SSI via e-mail and other reports from author David Rodríguez, e-mail subject line “Distribution List” to; Contact David via Twitter at

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