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Comment: The lowest weekly close since 1995, only the twelfth time it has seen a weekly close below 86.00.
Allow for a little more hesitation today at the key 85.00 level, watching and listening to what the authorities have in
mind – probably precious little serious plans, just fretting uselessly. Note that the US dollar is not oversold against
the yen and that momentum is steadily, not dramatically, bearish. Continue to expect generalised US dollar
weakness and a series of cautious downside probes against the yen and other major currencies.
Strategy: Attempt small shorts at 85.55, adding to 86.15; stop well above 87.00. First target 85.00/84.82,
then more keeping in mind the record low was 79.75 in 1995.
Chart Levels:
Support Resistance Direction of Trade
85.30 85.55
85.20 85.75
85.00* 86.19
84.82* 86.57
84.50 87.00*