potential correction in the US dollar upmove on many charts.

Technical Foreign Exchange Analysis Notes: We are seeing signs of a potential correction in the US dollar upmove on many charts.

We can now draw a resistance line capping the US Dollar upside on the Japanese Yen, Swiss franc and Canadian Dollar charts, and all the charts show falling momentum, even the Pound We already jumped on two breakouts that turned out to be false, do we feel thrice shy. Having said that, however, we can easily see the connection between the news and the chart developments. Important European officials said the ECB is not considering a rate cut and could even look at a hike if the economic picture brightens, while the US financial sector has yet to disclose everything and hit bottom. Perception of a European rate cut was always wrong, and now traders are facing up to it.

Bye for Now

Barbara Rockefeller

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