Forex Daily Outlook November 18, 2009

The best way to summarize the last few days of market activity, without using the word volatility, is nearly impossible. The market seems to be in limbo. Traders are worried about taking the pair higher as 1.5050 has proved to be a solid level of resistance during the days that government officials from the US and across the pond have made statements in regards to the weak dollar. Chinese officials have made a heavy statement in the last 24 hours, saying they have no confidence in the dollar, as its fallen close to 50% since 2002. Perhaps theyve forgotten that our markets are driven by supply and demand; however, as they hold the most USD reserves, they can express their concerns freely. Our bias is still for further dollar selling, but in these volatile conditions, we urge caution.

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