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Comments for January 11 2010

LOOKING AHEAD TO MONDAY BY REFLECTING BACK ON FRIDAY’S ACTION

Are Currencies starting to turn back up?

CURRENCIES: 01/11/10 Higher closes last Friday for the Canadian and Aussie dollar, Japanese yen, Euro Fx, Swiss franc and British pound while lower for the dollar index. The currencies are starting to turn back up while the dollar, conversely, lower.The euro and franc have been falling overall since Dec. 3rd but now are close to a buy signals due to recent rallies. The yen made a new recent low before rallying to settle higher in reversal type action but still looks the weakest of all the currencies.The Canadian dollar made its highest high and close since the middle of October working higher since breaking out of its trading range. The pound also settled higher now forming a possible bottom formation while the Aussie dollar had its best close in a month now at the top of its last resistance area as seen below ending my sell signal and close to a buy. The dollar index settled lower making lower highs since December 22nd and now close to a sell signal. There's not much support down to the 7700 level basis the March contract. 

See the balance of my morning comments, including the Softs, Grains and Metals at my website. For my complete coverage, visit my commentary page at www.markethead.com 

Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. Email Rick at ralexander@zaner.com or call toll-free (888) 281-4158.

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.