Is the Dollar really Bullish?
I know I've been saying I'm Bullish on the Dollar based on it's recent gains and January & February's seasonality against the Euro & Yen. But after further examination I have to question my original assessment.
Starting with the Euro vs. the Dollar, it's at the bottom of a rising price channel leading me to believe the Euro may fight back from these levels.
Looking at the Dollar vs. the Yen, the Dollar is at the top of its price channel leading me to believe the Yen may fight back at this level.
Looking at the British Pound vs. The Dollar, it's recently met the price targets from a Head & Shoulders and a Complex Head & Shoulders. I'm led to believe we are ready for a rising test of the previous neckline.
Looking at the Swiss Franc I can only say it appears to have found support based on previous resistance & support levels.
The Australian Dollar's recent Head & Shoulders fell short of meeting its price target and is now testing the previous neckline.
EFA is still putting in lower highs & lows.
The Niki has already put in a July double Bottom and is working on it's double top.
The FTSE-100 is poised to rise & test its long-term 61.8% Fibonacci level. The CAC-40 has put in its 1st definitive high and 3 higher lows. The DAX has clearly broken out of the rectangle box. The Swiss ETF doesn't look so hot and appears to be forming a right shoulder. AFORD has broken up and above its symmetrical triangle and has almost met its price target.
All and all, a little good news could perhaps flip the I-fund over to a strong buy. Or maybe I'm just crazy?
