Expect Dollar to Strengthen

This week we have the G20 meeting. This meeting never fails to deliver so kind of market moving “news”. We expect to see the Dollar continue to strengthen on the back of this meeting. However, that being said we are shorting Dollars early this week ahead of G20 and flipping those trades back around mid week.

EUR/USD:

Last week we forecasted that this pair would trade into the low 1.30’s. We are now of course there and we expect a short term bounce but overall we are targeting 1.25 in the coming weeks. Make no mistake about it. This pullback will be violent and is designed to shake out the week hands, as looking ahead to Q3 and beyond we see this pair moving much higher after this pullback.

GBP/USD:

This pair also pullback as we forecasted in the last issue. We are now long this pair from 1.4150 and expecting a bounce back to 1.45 at least.

USD/CHF:

This pair also rallied well as forecast and we are now selling rallies above 1.15 targeting a move back to 1.12.

USD/JPY:

We expect to see this pair grind lower this week with the stock market. We expect that support near 95 will hold.

AUD/USD:

We remain short from above .70 for now and are looking for a break back below .65 in the coming weeks.

USD/CAD:

We are now shorting rallies above 1.2555 looking for a move back to 1.22.

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This entry was posted on Monday, April 13th, 2009 at 12:47 pm and is filed under Forex Market Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.