The Advisor Weblog

Posted: 24 May 2011 04:24 AM PDT

No matter what happens with the dollar, Swiss Franc continues to be among the stronger currencies of the board, still inside its' long term bearish trend.

Here is the intraday view and levels for the pair:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/05/24/

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Starting the day

Posted: 24 May 2011 02:53 AM PDT

Hi everyone and welcome back to this blog. Despite the shy bounces in majors against the greenback seen following European opening, dollar has managed to extend gains to new monthly highs against high yields Euro, Pound and Aussie. Current dollar strength has more of Euro weakness than anything else: the euro zone sovereign debt jitters had been hitting euro over and over, day after day. Monday saw the EUR/USD reaching 1.3970 after worse than expected PMI readings in Germany and France. Flitch rating agency downgraded Belgium to AA+, while stocks slide across the world, adding to the euro negative tone. Tuesday however, is seeing some better mood across the board, as stocks are positive, and dollar down, with EUR/USD near 1.4100. Both 1 and 4 hours chart show a slightly bullish tone, with 1.4140 as immediate resistance area. Clearly above, rally may extend near 1.4200 before getting exhausted to the upside. Below 1.4070, the downside will be favored towards 1.4020 price zone.

GBP/USD stands above 1.6100, limited by 1.6160 area yet heading slightly higher. Clearly above the pair may extend gains near 1.6220 area, but further gains are not clear at this point. Below 1.6100 on contrary, the slide may reach 1.6040, and 1.5970 later.

Here is the link for today's calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great trading day!