Retail forex trading crowds continue to sell the US Dollar (ticker: USDOLLAR) and Japanese Yen against major counterparts. We forecast further USD and JPY declines.
View individual currency sections:
EURUSD - Euro Forecast Remains Bullish
GBPUSD - British Pound Targets Key Resistance
USDJPY - Japanese Yen Declines in Store
USDCHF - Swiss Franc Outlook Bullish
USDCAD - Canadian Dollar Trading Bias Moderates
GBPJPY - British Pound Forecast to Strengthen versus Yen
Indeed, we believe that forex market conditions continue to favor selling US Dollar and Japanese Yen strength.
There was a modest pullback in USD-long interest since last week, but as long as the majority of retail traders remain long US Dollars versus the Euro and other counterparts we remain in favor of USD weakness.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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