Monday, October 6, 2008
U.S Dollar Continues To Move Higher
The U.S. Dollar continues to rally making a new high for the year. If you look at the big picture in terms of how far the dollar has rallied, you will see that the greenback is at the 50% retracement level of the 2005 - 2008 bear market.
The dollar has good momentum on the upside and I see no resistance nearby. As of now I have no position in the dollar but I'd like to see a nice pullback so I can get long this currency at some point.