- William Dudley, New Fed President (based on Reuters)
On Friday the most popular FX currency pair violated the two-month trend-line near 1.09, while daily gains attempted to push the pair as high at 1.10 (100-day ; ). However, market participants overtook the lead by the end of US trading and closed the week at 1.0915. Some weakness is possible on Monday, as Bank Holiday in the US is likely to reduce daily trading . After breaching the trend-line, the bulls will try to test the aforementioned 1.10 mark this week, even though this scenario is not particularly encouraged by negative weekly technical indicators.
The share of SWFX long traders decreased to 44% by Monday morning. Meanwhile, commands to sell the Euro against the Buck in 100-pip range from the spot account for 55% today.