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US Dollar to see Further June Lows as Crowds Change Direction     

US Dollar to see Further June Lows as Crowds Change Direction     

David Rodriguez, Head of Product

EURUSDEuro Forecast Calls for Bear Market Rally

GBPUSDBritish Pound May Continue Higher Against US Dollar

USDJPYJapanese Yen May Have Topped Versus US Dollar

USDCHFSwiss Franc Could Continue to Strengthen versus USD

USDCADCanadian Dollar Forecast Turns Bullish on USD Weakness

GBPJPYBritish Pound Could Recover versus Yen

Watch a video guide on the Speculative Sentiment Index from our FXCM Expo

The US Dollar (ticker: USDOLLAR) stands to fall further against the Euro, British Pound, Canadian Dollar, and Swiss Franc as seasonal trends and forex sentiment point to EURUSD gains.

Last week we wrote that the US Dollar was poised for fresh highs into the final moments of May, and indeed the EURUSD subsequently set fresh multi-year lows. Yet an important shift in forex retail trader sentiment suggests that the Euro may have set its June low on the first day of the month. This is consistent with a seasonal tendency for currencies to make highs/lows at the beginning and end of every month. The same trend played perfectly in May; the EURUSD high was set on May 1 and the low on May 31.

A substantial shift towards retail crowd buying of the suddenly downtrodden US Dollar suggests history may repeat itself, and indeed we see scope for further EURUSD gains within a larger downtrend through the coming week of trading.

ssi_table_story_body_Picture_11.png, US Dollar to see Further June Lows as Crowds Change Direction     ssi_table_story_body_Picture_12.png, US Dollar to see Further June Lows as Crowds Change Direction     

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 David via Twitter at

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