US Dollar Forecast Turns Bearish on Forex Crowd Sentiment
Posted 07-22-2010 at 03:32 PM by DailyFX
EURUSD – Euro Forecast to Gain Versus US Dollar
GBPUSD – British Pound Likely to Rally
USDJPY – Japanese Yen Outlook Positive Amidst Sentiment Shift
USDCHF – Swiss Franc May Strengthen against Dollar
USDCAD – Canadian Dollar Forecast to Appreciate Against Greenback
GBPJPY – British Pound Forecast to Decline Against Yen
View individual currency SSI charts in our FX Sentiment section
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A noteworthy US Dollar decline has been met with aggressive forex crowd buying, giving contrarian signal to go short the USD versus the Euro, British Pound, Japanese Yen, Swiss Franc, and Canadian Dollar. This is a considerable shift from just yesterday when early signs of a turn in sentiment hinted that the Greenback could stage a bigger reversal versus major counterparts. Given such sharp choppiness in forex markets our forecasts have been admittedly inconsistent, and there is risk that current US Dollar tumbles will come to an abrupt end. Yet declines have been met with aggressive crowd buying, and such crowd reactions often precede a continuation in trend—pointing to US Dollar losses.
GBPUSD – British Pound Likely to Rally
USDJPY – Japanese Yen Outlook Positive Amidst Sentiment Shift
USDCHF – Swiss Franc May Strengthen against Dollar
USDCAD – Canadian Dollar Forecast to Appreciate Against Greenback
GBPJPY – British Pound Forecast to Decline Against Yen
View individual currency SSI charts in our FX Sentiment section
Interested in building your own SSI-based strategy? Request SSI data on our forex forum.
A noteworthy US Dollar decline has been met with aggressive forex crowd buying, giving contrarian signal to go short the USD versus the Euro, British Pound, Japanese Yen, Swiss Franc, and Canadian Dollar. This is a considerable shift from just yesterday when early signs of a turn in sentiment hinted that the Greenback could stage a bigger reversal versus major counterparts. Given such sharp choppiness in forex markets our forecasts have been admittedly inconsistent, and there is risk that current US Dollar tumbles will come to an abrupt end. Yet declines have been met with aggressive crowd buying, and such crowd reactions often precede a continuation in trend—pointing to US Dollar losses.
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